Release Date: March 21, 2012
Contact: Liz Pierce, (212)
SIFMA Recommends Early Market Close on
April 6 for Trading of US Dollar-Denominated Fixed-Income Securities in the US
in Observance of the Good Friday Holiday
New York, N.Y., March 21, 2012 — The Securities Industry and Financial Markets Association
(SIFMA) has confirmed its early close recommendation of 12:00 p.m., EDT, on
Friday, April 6, for the trading of U.S. dollar-denominated fixed-income
securities in the United States in observance of the Good Friday holiday.
SIFMA is making an early
close, rather than a full close, recommendation due to the scheduled release of
Bureau of Labor Statistics’ March 2012 employment data the morning of April 6.
SIFMA also recommends that
Friday, April 6, not be treated as a good settlement day for secondary market
transactions in U.S. government securities, federal agency debt and
mortgage-backed securities, corporate bonds, and municipal bonds. As well, SIFMA recommends for U.S. government
and federal agency debt a T+2 settlement cycle for trades entered on Friday,
April 6. SIFMA is making no settlement
recommendations for money market transactions.
SIFMA also notes the
following regarding April 6:
These recommendations apply
to 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.
SIFMA’s recommended early and
full market closes are recommendations only; each member firm should decide for
itself whether its fixed-income departments remain open for trading. All SIFMA recommendations are subject to
change due to market conditions.
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The Securities Industry and
Financial Markets Association (SIFMA) brings together the shared interests of
hundreds of securities firms, banks and asset managers. SIFMA's mission
is to develop policies and practices which strengthen financial markets and
which encourage capital availability, job creation and economic growth while
building trust and confidence in the financial industry. SIFMA, with
offices in New York and Washington, D.C., is the U.S. regional member of the
Global Financial Markets Association (GFMA). For more information, visit www.sifma.org.