New Year’s Day (January 1) falls on a Saturday in 2011. We would like to provide you with details on how the markets and Pershing will be operating on New Year’s Eve, Friday, December 31, 2010.
Equities & Options
Friday, December 31, 2010, will NOT be an abbreviated trading session for U.S. equity and option markets, which plan to be open during their normal hours of operation.
Fixed Income
The Securities Industry and Financial Markets Association (SIFMA) recommends an early market close at 2 p.m. (ET)/7 p.m. (GMT) on Friday, December 31, 2010, for U.S. dollar-denominated fixed income trades.
The Fixed Income Clearing Corporation (FICC) will be open on Friday, December 31, 2010, and Government Securities Clearing Corporation (GSCC) trade submissions can be made.
The Municipal Securities Rulemaking Board (MSRB) will be open on Friday, December 31, 2010.
The Federal Reserve Bank of New York will be open on Friday, December 31, 2010; the Board of Governors, however, will be closed on that date.
Extended trading hours will be available on Friday, December 31, 2010.
Order Entry and Processing Guidelines
U.S. Equities
U.S. equity and option orders entered both through Pershing’s NetExchange® platform or via a third-party successessay.co.uk or proprietary-order management system via NetExchange Services® will be handled normally on Friday, December 31, 2010.
Extended-hours trading will be available on Friday, December 31, 2010.
Cash trades will be accepted on Friday, December 31, 2010.
Non-U.S. Equities
Orders for non-U.S. instruments will be accepted and routed to appropriate market centers on Friday, December 31, 2010. Orders may be executed if the market centers to which they are sent are open.
– If these transactions were submitted in NetX360™, they will be viewable on the Order Status screen. Order status will be unavailable from midnight (ET)/5 a.m. (GMT) until 5 a.m. (ET)/10 a.m. (GMT), on Sunday, January 2, 2011.
– Orders that are filled on Friday, December 31, 2010, will be viewable on the Intraday Activity screen of NetX360.
– Non-U.S. settlements will be processed by the agent banks, as per their holiday schedules.
U.S. Fixed Income
BondCentral® will be available on Friday, December 31, 2010.
Commercial paper settlement will be available on Friday, December 31, 2010.
FICC Mortgage-Backed Securities Division (MBSD) clearing, real-time trade matching (RTTM) and electronic pool notification (EPN) systems:
– File transmission users will receive trade output files from the afternoon pass of Friday, December 31, 2010, according to the normal processing schedule.
– Normal file transmission system (FTS) processing will resume on Monday, January 3, 2011.
Non-U.S. Fixed Income
Orders for non-U.S. instruments will be accepted and routed to appropriate market centers on Friday, December 31, 2010. Orders may be executed if the market centers to which they are sent are open.
– Non-U.S. settlements will be processed by the agent banks, as per their holiday schedules.
Mutual Funds
Mutual fund orders entered through Pershing’s NetExchange® platform or via an End of Day or Intraday Mutual Fund Order File will be handled normally on Friday, December 31, 2010.
Foreign Exchange
The Foreign Exchange (FX) desk will close at 5 p.m. (ET)/10 p.m. (GMT) on Friday, December 31, 2010, and will resume normal business hours at 5 p.m. (ET)/10 p.m. (GMT) on Sunday, January 2, 2011.
For Additional Information
If you have questions or require additional information regarding New Year’s schedules, please consult the websites of appropriate agencies.