LeoGlossary: FedWire
A real time gross settlement system that enables funds to be transferred. It is part of the Federal Reserve System. Wires are immediate, irrevocable and final once processed. They are completed the same day with most occurring instantly.
The Fed handles the settlement by removing the reserves from the transmitting bank and switches it to the receiver.
Wire operations open at 9 PM on Sunday and end 7 PM on Friday. The cutoff time for 3rd party transfers is 6 PM. The hours might be extended by the Federal Reserve Banks under certain conditions.
By value of securities held, the FedWire settlement system is the largest Central Securities Depository (CSD)/securities settlement system (SSS). Euroclear Bank, which is based in Belgium, is the biggest by value of deliveries.
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