Notice to Members 96-11
Presidents' Day: Trade Date--Settlement Date Schedule
The Nasdaq Stock MarketSM and the securities exchanges will be closed on Monday, February 19, 1996, in observance of Presidents' Day, "Regular way" transactions made on the business days noted below will be subject to the following schedule:
|Trade Date||Settlement Date||Reg. T Date *|
|Feb. 12||Feb. 15||Feb. 20|
* Pursuant to Sections 220.8(b)(1) 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 five (5) business days of the date of purchase or, pursuant to Section 220.8(d)(1), make application to extend the time period specified. The date by which members must take such action is shown in the column entitled "Reg. T Date."
Brokers, dealers, and municipal securities dealers should use these settlement dates to clear and settle 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 (203) 375-9609.