SIFMA Fixed Income Market Close Recommendations in the U.S., the U.K. and Japan for the Christmas Day and U.K. Boxing Day Holidays

New York, N.Y., December 12, 2025— SIFMA has confirmed its previous holiday recommendations for the U.S., the U.K., and Japan in observance of the Christmas Day and U.K. Boxing Day holidays.

United States
SIFMA recommends an early close at 2:00 p.m. EST on Wednesday, December 24, 2025, and a full market close on Thursday, December 25, 2025.

United Kingdom
SIFMA recommends full market closes on Thursday, December 25, and Friday, December 26, 2025.

Japan
SIFMA recommends a full market close on Thursday, December 25, 2025, and an early close at 3:00 p.m. JST on Friday, December 26, 2025.

The early close will not affect the closing time for settlements.

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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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. 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 http://www.sifma.org.