SIFMA Recommends Full-Market Close on MLK Day.
Byline: Janet Levaux
SIFMA is requesting a full-market close on Jan. 16 for the trading of U.S. dollar-denominated fixed-income securities in the United States, United Kingdom and Japan in observance of the Martin Luther King, Jr. Day Holiday.
This recommendation, which has been made in prior years, applies to the trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money-market trading in bankers' acceptances, commercial paper and Yankee and Euro certificates of deposit.
The regulatory group, which represents broker-dealers, banks and asset managers, says that the suggested early and full-market closes "are recommendations only" and that each member firm "should decide for itself whether its fixed-income departments remain open for trading."
SIFMA makes a similar request on Presidents' Day, Good Friday, Memorial Day, July 4, Thanksgiving and Christmas.
While the equities markets are closed on the Monday holiday honoring King, Globex electronic trading--which includes oil, gold and Treasury futures contracts--will take place. The CME trading floors are closed, though Eurodollar, one-month Eurodollar and Euribor futures will have a final settlement time of 5 a.m. Central Time on Jan.16, the day the MLK holiday is observed this year.
Globex trading will begin as usual at 6 p.m. Eastern on Sunday and ends at 1 p.m. Eastern on Monday but with a trade date of Tuesday. Trading will resume at 6 p.m. Eastern on Monday, according to the exchange.
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|Date:||Jan 9, 2017|
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