9 Am Batch Refers to the Batch Settlement Made to Each

9 am batch refers to the batch settlement made to each institution's exchange settlement account at 9 am based on the:

A) today's single net obligation for each institution with respect to all other participating institutions combined.
B) the today's net obligation for each institution with respect to each other participating institution one by one.
C) previous day's single net obligation for each institution with respect to all other participating institutions combined.
D) the previous day's net obligation for each institution with respect to each other participating institution one by one.