SIFMA Recommends an Early Market Close on April 7 in the U.S. in Observance of Good Friday

New York, N.Y., March 23, 2023 — SIFMA has confirmed its previous recommendations for an early market close at 12:00 p.m., EDT, on Friday, April 7, 2023, for the trading of U.S. dollar-denominated fixed income securities in the U.S. in observance of the Good Friday holiday.

Consistent with past practice, SIFMA is making an early close, rather than a full close, recommendation due to the scheduled release of Bureau of Labor Statistics’ March 2023 employment data the morning of April 7.

Also consistent with past practice, SIFMA recommends that Friday, April 7, 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. Additionally, SIFMA recommends for U.S. government and federal agency debt a T+2 settlement cycle for trades entered on Friday, April 7. SIFMA is making no settlement recommendations for money market transactions.

SIFMA also notes the following regarding Friday, April 7:

• The U.S. Bureau of Labor and Statistics is releasing their Employment Situation Report. (See: BLS Release Calendar)
• The CME Group’s trading floor will close at 10:00am CT (See: CME Group’s Trading Floor Holiday Schedule). CME Group’s CME Globex for CME Cryptocurrencies, FX and Interest Rates will close at 10:15am CT, and GME Globex Equities will close at 8:15 a.m. CDT (See: CME Globex Holiday Schedule).
• The Depository Trust Company will be open for limited processing on April 7. (See: DTC 2023 Holiday Schedule press release). However, there will be no Continuous Net Settlement (CNS) processing on April 7.
• The Fixed Income Clearing Corporation will be closed. (See: FICC 2023 Holiday Notice)
• The National Securities Clearing Corporation will be closed. (See: NSCC holiday notice for 2023)
• For the purposes of TRACE reporting, FINRA will be closed. (See: FINRA 2023 TRACE Holiday Calendar)
• The Federal Reserve Bank of New York will be open. (See: Holidays Observed by the Federal Reserve, 2021-2024)

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.

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

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.