EOD Money Settlement

Settlement of cash legs for BITNET trades occur via XFT's IDN each business day at approximately 4:15 p.m. eastern standard time. This is when the cash is moved through the Federal Reserve Bank of New York on behalf of all of the transactions that were processed and completed that day. These cash movements are facilitated through Settling Banks who act on behalf of their account as well as brokers who choose to settle through them.