Fed to change Fedwire operating hours

Bank News, July, 2003 by Anonymous

Operating hours for the online Fedwire Funds Service are being expanded by the Federal Reserve Board. The Fedwire Funds Service will open three and one-half hours earlier (9 p.m. Eastern Time the prior calendar day) than the current opening time of 12:30 a.m. Eastern Time. The closing time will remain 6:30 p.m. Eastern Time. The schedule timeframe for full implementation of the expanded operating hours is the 2004 second quarter.

Fedwire participants will be notified at least 60 days before the specific effective date of the new hours.

Impetus for the operating hours expansion was industry requests to achieve greater overlap of U.S. wholesale payments system operating hours with those of the Asia-Pacific markets, including Australia, Hong Kong, Japan and New Zealand.