SIFMA Recommends an Early Market Close on July 3 and a Full Market Close on July 4 in the US in Observance of the Independence Day Holiday

New York, N.Y., June 20, 2025 — SIFMA has confirmed its previous recommendations for an early market close at 2:00 p.m., EST, on Thursday, July 3 and a full market close on Friday, July 4 for the trading of U.S. dollar-denominated fixed income securities in the U.S. in observance of the Independence Day Holiday.

This recommendation applies 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).