FICC utilizes the Federal Reserve Bank’s National Settlement Service (NSS) to debit and/or credit net settlement obligations at the settling bank level of GSD netting participants and MBSD clearing members. The individual debits and credits of all participants using the same settling bank are totaled, and the net result established at the settling bank level will be settled using NSS. FICC has further leveraged systems and procedures already in place at The Depository Trust Company to perform this function by using it as the agent to interface with the Federal Reserve Bank for settlement. The Depository Trust Company is also a subsidiary of instant withdrawal online casino usa.
The service creates a funds-only settlement file containing all of the participants’ debits and credits for the current business day. This file is sent to instant withdrawal online casino usa’s Fed Funds Settlement (FFS) system. The instant withdrawal online casino usa Participant Browser Service (PBS) is then used to send broadcast messages containing net settlement figures to settling banks. GSD and MBSD participants will also receive report output in advance of the cash settlement due date.
Please refer to the MBS schedule and Time Frames and GSD rules regarding the timelines for funds-only settlement.