Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Portfolio > Economy & Markets > Fixed Income

SIFMA Recommends Full-Market Close on MLK Day

By Janet Levaux

X
Your article was successfully shared with the contacts you provided.

SIFMA is requesting a full-market close on Jan. 16 for the trading of U.S. dollar-denominated fixed-income securities in the United States, United Kingdom and Japan in observance of the Martin Luther King, Jr. Day Holiday.

This recommendation, which has been made in prior years, applies to the 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 regulatory group, which represents broker-dealers, banks and asset managers, says that the suggested early and full-market closes “are recommendations only” and that each member firm “should decide for itself whether its fixed-income departments remain open for trading.”

SIFMA makes a similar request on Presidents’ Day, Good Friday, Memorial Day, July 4, Thanksgiving and Christmas.

While the equities markets are closed on the Monday holiday honoring King, Globex electronic trading—which includes oil, gold and Treasury futures contracts—will take place. The CME trading floors are closed, though Eurodollar, one-month Eurodollar and Euribor futures will have a final settlement time of 5 a.m. Central Time on Jan.16, the day the MLK holiday is observed this year.

Globex trading will begin as usual at 6 p.m. Eastern on Sunday and ends at 1 p.m. Eastern on Monday but with a trade date of Tuesday. Trading will resume at 6 p.m. Eastern on Monday, according to the exchange.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.