SIFMA Changes Early Close Recommendation Policy

New York, NY, April 3, 2009-The Securities Industry and Financial Markets Association (SIFMA) today announced that it will reduce the number of recommended early market closes it issues each year from twelve to five, effective immediately. SIFMA’s recommended early market closes apply to the dollar-denominated, fixed income markets. All SIFMA calendar recommendations are subject to change due to market conditions.

“SIFMA’s Board of Directors and membership reassessed the early close policy, recognizing that additional access to the liquidity provided by our members would benefit all market participants. The interconnected, global nature of the fixed income markets and the significant-and nearly round the clock-access to liquidity that many members provide would be enhanced by this change. Since shortened trading days may limit the liquidity window and create possible market risks which could be mitigated with a full functioning fixed income market on days when liquidity could be normal, we have determined eliminating some of the early closes is a better solution,” said Randy Snook, executive vice president at SIFMA. “This step will allow firms of all sizes around the globe to have access to fixed income liquidity on an almost continuous basis on most trading days of the year.”

Early close recommendations will be eliminated for the following holidays:

• Friday before Martin Luther King, Jr. Day
• Friday before President’s Day
• Day before Independence Day
• Friday before Labor Day
• Day before Columbus Day
• Day before Veterans Day
• Day before Thanksgiving

Early close recommendations around the Good Friday, Memorial Day, Thanksgiving (day after), Christmas and New Year’s Day holidays will remain unchanged in recognition of the very limited global activity late on those days. The new policy does not affect full market closes.

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The Securities Industry and Financial Markets Association brings together the shared interests of more than 600 securities firms, banks and asset managers. SIFMA’s mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public’s trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.