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SIFMA Recommends Full Market Close on October 30 for Trading of US Dollar-Denominated Fixed-Income Securities in the US Due to Hurricane Sandy

Release Date: October 29, 2012
Contact: Katrina Cavalli, 212.313.1181, kcavalli@sifma.org 

SIFMA Recommends Full Market Close on October 30 for Trading of US Dollar-Denominated Fixed-Income Securities in the US Due to Hurricane Sandy and Severe Weather 

New York, NY, October 29, 2012—The Securities Industry and Financial Markets Association (SIFMA) recommends a full market close on Tuesday, October 30, for the trading of U.S. dollar-denominated fixed-income securities in the United States due to Hurricane Sandy and severe weather.  However, SIFMA notes that primary dealers will need to determine if they intend to provide limited staffing on funding desks on Tuesday, October 30, in order to accommodate any potential open-market operations by the Federal Reserve Bank of New York.

In addition, SIFMA is recommending full closes for the trading of US dollar denominated government securities in Tokyo and London for October 30, 2012.

While tomorrow, October 30, is a good settlement day, SIFMA recommends that firms, to the extent possible, limit settlements on Tuesday, October 30.

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.


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Contact

In New York:
Katrina Cavalli
212.313.1181


-or-


 Liz Pierce

212.313.1173

 

In Washington:

Carol Danko
202.962.7390