Proposal to Expand the Operating Hours for the On-Line Fedwire® Funds Service — 2002-12-19 [02-31930]

The Board requests comment on a proposal to expand the operating hours for the Fedwire Funds Service.\1\ Under this proposal, Fedwire would open three and one-half hours earlier than the current opening time of 12:30 a.m. eastern time, and depository institutions would participate in the earlier operating hours on a voluntary basis.\2\ The new opening time would be 9 p.m. for on-line funds transfers with a business date of the following calendar day.\3\ An earlier Fedwire opening time would further the smooth functioning and continued development of the payments system, as well as improve efficiency and reduce risk in making payments and settlements. The closing time for the service would remain unchanged at 6:30 p.m., thereby expanding the service's operating hours from eighteen hours to twenty-one and one-half hours each business day.