Fedwire® Securities Service Schedule and FedPayments® Manager — Securities Hours of Availability
As stated in the Federal Reserve Banks’ Operating Circular 7 (PDF), Fedwire Securities Service, the Federal Reserve Banks set operating hours for the Fedwire Securities Service business day and hours during which the FedPayments Manager — Securities application is available. The Federal Reserve Banks have set cutoff times for various types of messages and services and may decide to extend a cutoff time or to close the Fedwire Securities Service at an earlier or later time to facilitate special market needs.
The Fedwire Securities Service is open for business each calendar day that is not a holiday observed by the Federal Reserve Banks. The Federal Reserve Banks observe all Saturdays, all Sundays, and the holidays (Off-site) as listed on the Federal Reserve System website.
Hours and type code message descriptions are defined in the two tables below.
For information on requesting an extension to a cutoff time, review the Fedwire Securities Service Extension Guidelines.
|7:50 p.m.Footnote 1
(on preceding calendar day)
|FedPayments Manager–Securities application opens for access by participants for next securities business dayFootnote 2|
|8:00 a.m.||Securities business day begins
Participants may begin sending securities transfer messages from the FedLine Direct® (FLD) solution for queuing ahead of when the service begins processing transfer messagesFootnote3
Participants may begin performing online inquiriesFootnote 4 through the FLD solution to the service
|8:02 a.m.||Participants may begin sending securities transfer messages from the FedLine Advantage® (FLA) solution for queuing ahead of the open of the service for processing transfer messagesFootnote 5|
|8:05 a.m.||Service begins processing type code 8900/8906/8908/8909 messages for redemption/maturity, principal and interest (P&I) payments, and claim adjustments, and 8990 service messages for P&I and claim ajustmentsFootnote 6|
|8:30 a.m.||Service begins processing securities transfer messagesFootnote 7|
|8:45 a.m.||Service begins processing claim adjustments associated with historical P&I payments in connection with a fail transactionFootnote 8|
|9:00 a.m.||Service begins accepting offline instructions|
|1:30 p.m.||Cutoff timeFootnote 9 by which type code 2000/2002 messages for stripping and reconstitution of securities must be received by the service
Cutoff timeFootnote 9 by which offline instructions must be received by the serviceFootnote 10
|2:30 p.m.||Cutoff timeFootnote 9 by which type code 2500/2502 messages for original issue originations and reversals must be received by the service|
|3:15 p.m.||Cutoff timeFootnote 9 by which type code 2000/2001 messages for secondary market transfers must be received by the service|
|3:30 p.m.||Cutoff timeFootnote 9 by which type code 2002 messages for secondary market transfer reversals must be received by the service
Cutoff timeFootnote 9 by which type code 2090 service messages for repo balance adjustment and repo balance adjustment reversals must be received by the service
|3:45 p.m.||Service begins transmitting clearing summary reports to FLD and FLA participants|
|4:00 p.m.||Cutoff timeFootnote 9 for issuers to fund current-day P&I obligations for same-day processing
Service stops transmitting clearing summary reports to FLD and FLA participants
|4:30 p.m.||Cutoff timeFootnote 9 by which type code 2000/2002 messages for reposition against paymentFootnote 11 must be received by the service
Service stops processing type code 8900/8906/8908/8909 messages for redemption/maturity, P&I payments and claim adjustments
|7:00 p.m.||FedPayments Manager–Securities application closes|
|7:00 p.m.||Securities business day ends / Final transfer cutoff times
Cutoff timeFootnote 9 by which type code 2001/2090/2501/2590/8990 service messages must be received by the service
Cutoff timeFootnote 9 by which type code 2090 service messages regarding a securities transfer must be received by the service
Cutoff timeFootnote 9 by which type code 2000/2002 messages for reposition free of paymentFootnote 12 must be received by the service
Cutoff timeFootnote 9 by which type code 2000/2002 messages for interbank free of payment to a restricted securities account must be received by the service
Service begins transmitting final endpoint totals reports to FLD participants
|7:15 p.m.||Service stops transmitting final endpoint totals reports to FLD participants
Service begins transmitting end-of-day statements, prenotifications for upcoming payments and adjustments, and offline reports to participants
|10:00 p.m.||Service stops transmitting end-of-day statements, prenotifications for upcoming payments and adjustments, and offline reports to participants|
|Type Code||Message Description|
|2001||Request for reversal of a securities transfer|
|2002||Reversal of a securities transfer|
|2090||Service message regarding a securities transfer, a repo balance adjustment, or repo balance adjustment reversal|
|2500||Original issue transfer|
|2501||Request for reversal of an original issue transfer|
|2502||Reversal of an original issue transfer|
|2590||Service message regarding an original issue transfer|
|8900||Securities redemption/maturity message|
|8906||P&I payment message (credit to participants)|
|8908||Claim adjustment debit message|
|8909||Claim adjustment debit message|
|8990||Service message regarding a P&I payment or a claim adjustment|
1 If the preceding calendar day is a holiday, the FedPayments Manager–Securities application opens for next business day at 5:50 p.m. ET on the preceding calendar day.
2 Outgoing messages created by the participant in the FedPayments Manager–Securities application prior to the Service open on the next business day will not be released for queuing to the Service until 8:02 a.m. ET.
3 These transfer messages will be queued until the service begins processing securities transfer messages at 8:30 a.m. ET and are subject to reordering.
4 For example, endpoint totals, CUSIP balance, and message retrieval inquiries.
5 These transfer messages will be queued until the service begins processing securities transfer messages at 8:30 a.m. ET.
6 P&I payments are processed in accordance with the PSR Policy, available at https://www.federalreserve.gov/paymentsystems/files/psr_policy.pdf (Off-site, PDF), and the timing is dependent on the type of issuer and availability of sufficient funding from the issuer.
7 All messages, including messages queued before the service begins processing securities transfer messages, are processed starting at 8:30 a.m. ET.
8 A fail transaction could result in claim adjustments associated with P&I payments distributed on or before the settlement date of the fail transaction (i.e., historical P&I payments). Those fail tracking claims will be made on the next business day after the fail transaction is settled over the Fedwire Securities Service.
9 The cutoff times and closing time of the service for online messages are inclusive of the minute listed, including if the Federal Reserve Banks extend a cutoff time or the closing time of the Service. For example, the cutoff time for online type code 2000 messages for Stripping and Reconstitution (free of payment) is one second before 1:31 p.m. ET; therefore, an online type code 2000 message received at 1:31 p.m. ET will be rejected unless that cutoff time has been extended.
10 An attempt will be made to process offline instructions received after the cutoff time but cannot be guaranteed. The requesting participant will be notified if the requested transfer is not processed.
11 "Reposition against payment" means the transfer of securities against payment between two securities accounts of the same participant.
12 "Reposition free of payment" means the transfer of securities free of payment between two securities accounts of the same participant.