Circular
Potential Structural Change in the Settlement of Government Securities
May 10, 2002
Circular No. 11439

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

In a press release, the Federal Reserve Board and the Securities and Exchange Commission announce the release of a "white paper" discussing possible structural changes in the settlement of government securities. The agencies request comments on the white paper by August 12, 2002.

The interagency white paper is attached (pdf - 44kb).

Questions on this matter may be directed, at this Bank, to Joyce M. Hansen, Deputy General Counsel and Senior Vice President.