Bulletin – June Quarter 2014 Descriptions for Figures June Quarter 2014 Bulletin article: The Introduction of Same-day Settlement of Direct Entry Obligations in Australia

Figure 1: Same-day Settlement Direct Entry Payment Cycle

This figure shows that direct entry obligations accumulate from one clearing exchange time to the next. At the time of each clearing exchange (10.00 am, 1.00 pm, 4.00 pm, 6.30 pm and 8.45 pm), obligations are cleared. Shortly thereafter, the resulting settlement instructions are sent to RITS, which are then settled in RITS at 10.45 am, 1.45 pm, 4.45 pm, 7.15 pm and 9.15 pm respectively. At 9.00 am the following business day there is another settlement, for deferred low-value payments.

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Figure 2: The Extended RITS Day (AEST)

This figure shows the different settlement session times across the RITS day, including the Morning, Daily, Close, Interim and Evening Sessions. It shows that the two evening direct entry settlements, at 7.15 pm and 9.15 pm, occur at a time when RITS was previously closed in Australian Eastern Standard Time. The closing time of the RITS Evening Session has now been extended, from 6.30 pm to 10.00 pm, all year so that the two new evening direct entry settlements are able to be settled.

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