VOLUME 24 – BULLETIN #034

In order to streamline variation and settlement banking for multiple market places and guaranties, The Clearing Corporation (CCorp) will begin to post midday variation pay and midday collect instructions to banks separately, rather than simultaneously, as midday instructions are currently processed. To accommodate the new midday variation process, CCorp will implement the following midday variation schedule changes beginning Thursday, May 13, 2004.

At 1:15PM, CCorp will submit midday variation pay instructions to banks. After which, CCorp’s Treasury department will confirm all clearing participant’s variation pays have been received. Once confirmed, CCorp’s Treasury department will submit midday variation collect instructions at approximately 2:15PM or earlier

Furthermore, CCorp has enhanced it’s Pay/Collect via the Internet and OTIS Preliminary Settlement applications accordingly to provide midday variations detail on a more timely basis.

^{* Times are approximate}

Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives: