a financial market infrastructure with this application, did not experience a serious liquidity shortage but stayed relatively calm without financial problems by brokers and banks. Later, other financial markets in Europe and Hong Kong tried to implement this kind of application for a better liquidity saving facility. This will help to foster a secondary market for T-Bond/Bill. SPDC allows T-Bond buyers to provide T-Bond/Bill that will be received from T-Bond sellers as collateral for an intra-day O/D from CBM and simultaneously use the funds drawn to pay the seller. In addition, T-Bond sellers can repay the intra-day O/D amount from the proceeds of pledged T-Bond, which means that SPDC simultaneously releases pledged T-Bond and conducts repayment of the intra-day O/D. Moreover, both T-Bond buyers and sellers can use the SPDC function at the same time. ▪ ▪ A participant bank (T-bond buyer) that does not have sufficient funds (balance) can (i) buy T-bond/bill (iii) by pledging the T-bond/bill as collateral to CBM and (iv) receiving an intraday overdraft from CBM, then immediately (ii) paying for the T-bond/bill (Funds transfer) to seller. The seller makes (vi) repayment of the intraday overdraft by the funds (v) to release the pledged Tbond/bill. The six processes from (i) to (vi) can be processed simultaneously. The four processes (i), (ii), (iii), and (iv) can also be processed simultaneously. Or the four processes (i), (ii), (v), and (vi) can be processed simultaneously. Source: Preparatory Survey Team Figure 3-15 Process flow of SPDC (I) Forward Date Transaction  CBM can set the no. of days allowed for forward date transaction for RTGS/LSF and ACH respectively. (i.e. Number of days for RTGS and ACH can be set differently) 41