Annex 2 Local Settlement timing.pdf - Global Market Information

United States
Settlement
External settlement
Same-day turnaround possibilities
Internal (1) Bridge (2) Instruction
REC/DEL
Instruction
AP/FOP
Period (3)
External instructions
input deadline
Positioning window
Expected timing for
matching results
Expected timing for
settlement results
Buy domestic/sell
Euroclear Bank
Buy Euroclear Buy domestic/
Bank/sell domestic sell domestic
Fedwire
Government debt securities
(supranational issuers)
Y Y REC/DEL AP/FOP All year 18:30 on S From the start of the real-time
process to 18:30 on S
There is no matching in the US
market.
Continuous from 14:30 to 23:00
on S
Y Y Y
The Depository Trust Company (DTC)
Bonds, GDRs, non SEC-registered
securitites
Y Y REC/DEL AP/FOP All year 18:30 on S From the start of the real-time
process to 18:30 on S
There is no matching in the US
market.
AP: Continuous from 12:00 to
23:00 on S
FOP: Continuous from 12:00 to
00:00
Y Y Y
DTC – Deposit and Withdrawal at Custodian (DWAC) system (via securities transaction instructions)
DTC-eligible securities Y Y REC/DEL FOP All year 18:30 on S From the start of the real-time
process to 18:30 on S
There is no matching in the US
market.
AP: Continuous from 12:00 to
23:00 on S
N N N
Physical settlement
Physical securities Y Y REC FOP All year 17:25 on S Positioning is not required for free
of payment receipt instructions.
There is no matching in the US
market.
Continuous from 14:00 to 23:45
on S
N N N
Y Y DEL FOP All year 17:25 on S From the start of the real-time
process to 17:30 on S
There is no matching in the US
market.
Continuous from 14:00 to 23:45
on S
N N N
(1)
The input deadlines for internal instructions are as follows:
- Batch process 22:00 on S-1 for SET1 (AP/FOP instructions) and 00:30 on S for SET2 (AP/FOP instructions)
- Automatic real-time process 15:30 on S (AP instructions in ARS, CAD, EUR, GBP, MXN, PEN, USD and UYU and FOP instructions)
- Automatic real-time process 14:00 on S (AP instructions in all other currencies)
- Optional real-time process 18:30 on S (AP and FOP instructions).
For more information on internal settlement, please refer to Services > Settlement > Settlement in commercial bank money > Internal
settlement on www.euroclearbank.com.
(2)
The input deadlines for Bridge instructions are as follows:
- Batch process 20:30 on S-1(AP/FOP instructions)
- Automatic real-time process 13:00 on S (AP/FOP instructions)
- Optional real-time process 15:00 on S (AP), 16:00 on S (FOP).
For more information on Bridge settlement, please refer to Services > Settlement > Settlement in commercial bank money > Bridge
settlement on www.euroclearbank.com.
(3)
Our input deadlines take into consideration daylight saving time only where it is effectively observed. This column indicates
when the input deadlines apply.