The Securities Industry and Financial Markets Association (SIFMA) has recommended an early close at 2:00 p.m., EST, on Tuesday, 2 January 2007 for the trading of U.S. dollar-denominated fixed-income securities in the US in honour of former US President Gerald Ford.
SIFMA’s trading recommendations apply to transactions of U.S. dollar-denominated US Government and agency 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.
The New York Stock Exchange will make its own market recommendation Friday morning, and SIFMA says it will note that announcement, and others, as events warrant.
SIFMA’s recommended early market closes are recommendations only. The association says 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.