Trade Date — Settlement Date Schedule for October and Early November
TO: All NASD Members and Municipal Securities Bank Dealers
FROM: All Operations Personnel
Transactions made on Monday, October 14, Columbus Day; Tuesday, November 5, Election Day; and Monday, November 11, Veterans Day, and the days immediately preceding these days, will be subject to the schedule below. The purpose of this schedule is to provide uniformity since, while the NASDAQ System and other securities markets will be open on these days, many banking institutions will be closed.
Trade Date-Settlement Date Schedule For "Regular-Way" Transactions
|
Trade Date |
Settlement Date |
Regulation T Date* |
|
October 4 |
October 11 |
October 15 |
|
7 |
15 |
16 |
|
8 |
16 |
17 |
|
9 |
17 |
18 |
|
10 |
18 |
21 |
|
11 |
21 |
22 |
|
14 |
21 |
23 |
|
October 28 |
November 4 |
November 6 |
|
29 |
6 |
7 |
|
30 |
7 |
8 |
|
31 |
8 |
11 |
|
November 1 |
12 |
12 |
|
4 |
13 |
13 |
|
5 |
13 |
14 |
|
6 |
14 |
15 |
|
7 |
15 |
18 |
|
8 |
18 |
19 |
|
11 |
18 |
20 |
October 14, November 5, and November 11 will not be considered business days for determining the day for settlement of a trade. Securities will not be quoted ex-dividend and, marks-to-the-market, reclamations, and close-outs will not be made on these days.
It should be noted that October 14, November 5, and November 11 will be considered business days for receiving customers' payments under Regulation T of the Federal Reserve Board.
The foregoing settlement dates should be used by brokers, dealers and municipal securities dealers for purposes of clearing and settling transactions pursuant to the Association's Uniform Practice Code and Municipal Securities Rulemaking Board Rule G-12 on Uniform Practice.
Questions regarding the application of these settlement dates to a particular situation may be directed to the Uniform Practice Department of the NASD at (212) 839-6256.
* * * *
* Pursuant to Sections 220.8(b)(l) and (4) of Regulation T of the Federal Reserve Board, a broker-dealer must promptly cancel or otherwise liquidate a customer purchase transaction in a cash account if full payment is not received within seven (7) business days of the date of purchase or, pursuant to Section 220.8(d)(l), make application to extend the time period specified. The date by which members must take such action is shown in the column entitled "Regulation T Date."