OCC Comment Letter on FRB Docket No. OP-1831, Proposal to Expand Fedwire® Funds Service and National Settlement Service Operating Hours
September 05, 2024
By
Megan M. Cohen
,General Counsel
The Options Clearing Corporation ("OCC") appreciates the opportunity to submit our comments to the Federal Reserve Board ("FRB" or the "Board") on the above-referenced proposal ("Proposal" or "Proposed Rules"). The Proposal would expand the operating hours of the Fedwire Funds Service ("FFS") to 22 hours per day, 7 days per week, every day of the year (22x7x365) and to correspondingly expand the operating hours of National Settlement Service ("NSS"), with NSS closing 30 minutes earlier than FFS. OCC writes in support of the Proposal, as detailed below, and offers responses to selected requests for comment from the Release.