Veteran's Day and Thanksgiving Day: Trade Date-Settlement Date Schedules
TO: All NASD Members and Municipal Securities Bank Dealers
FROM: All Operations Personnel
The schedule of trade dates/settlement dates below reflects the observance by the financial community of Veteran's Day, Wednesday, November 11, and Thanksgiving Day, Thursday, November 26. On Wednesday, November 11, the NASDAQ System and the exchange markets will be open for trading. However, it will not be a settlement date since many of the nation's banking institutions will be closed in observance of Veteran's Day. All securities markets will be closed on Thursday, November 26, in observance of Thanksgiving Day.
Trade Date-Settlement Date Schedule For "Regular Way" Transactions
|
Trade Date |
Settlement Date |
Regulation T Date* |
|
November 3 |
November 10 |
November 12 |
|
4 |
12 |
13 |
|
5 |
13 |
16 |
|
6 |
16 |
17 |
|
9 |
17 |
18 |
|
10 |
18 |
19 |
|
11 |
18 |
20 |
|
18 |
25 |
30 |
|
19 |
27 |
December 1 |
|
20 |
30 |
2 |
|
23 |
December 1 |
3 |
|
24 |
2 |
4 |
|
25 |
3 |
7 |
|
26 |
MARKETS CLOSED |
— |
|
27 |
4 |
8 |
Please note that November 11 is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.
Transactions made on November 11 will be combined with transactions made on the previous day, November 10, for settlement on November 18. Securities will not be quoted ex-dividend, and settlements, marks to the market, reclamations, buy-ins, and sell-outs, as provided in the Uniform Practice Code, will not be made and/or exercised on November 11.
The foregoing settlement dates should be used by brokers, dealers, and municipal securities dealers for purposes of clearing and settling transactions pursuant to the NASD 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 NASD Uniform Practice Department 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."