PM settlement??? I have no idea what you're referring to. Please elaborate. While I'm here, I neglected to mention curbs. Implemented roughly the same time as the PPT. Threshold modified as the "market" grew expressed in indices. Ie 2000 vs 14000. EXPLICIT. To appease the public (and some herd/lemming institutions). PPT is covert, and what stems the tide. A rough analogy would be Fed Funds vs Open Market operations (via NY Fed injections) . Banks do NOT borrow from the Fed Funds window. They tap their correspodents or repo's. Yet, what does the public/media focus on? I will concede Prime (generally SW Bank in St. Louis first) pegs it to Fed Funds. Merely an alibi to raise pricing. A little less responsive in lowering. I'll save the disappearance of reporting M-3 for a more appropriate occasion. Now............., I'll just bet on rare occasions (not even once a quarter) you've seen TRIN turn on a dime. Early afternoon. On a DIME implies massive exectutions almost simultaneously. Events that have squelched my enthusiasm more than once. Two words, massive and simultaneously.