We would like to provide you with specific details on Pershing’s operations for the Martin Luther King Day observance on Monday, January 17, 2011.
Equities and Options
- All U.S. equity markets, including the New York Stock Exchange® (NYSE®) and the NASDAQ® stock market, will be closed on Monday, January 17, 2011.
- The Options Clearing Corporation (OCC) will be closed on Monday, January 17, 2011.
Fixed Income
- The Securities Industry and Financial Markets Association (SIFMA) recommends a full market close on Monday, January 17, 2011.
- The Fixed Income Clearing Corporation (FICC) will be closed on Monday, January 17, 2011, and there will be no Government Securities Clearing Corporation (GSCC) and Mortgage-Backed Securities Clearing Corporation (MBSCC) trade submissions on that date.
- The Municipal Securities Rulemaking Board (MSRB) will be closed on Monday, January 17, 2011.
- The Federal Reserve Bank of New York will be closed on Monday, January 17, 2011.
- Extended-hours trading will not be available on Monday, January 17, 2011.
Trade Entry and Processing Guidelines
U.S. Equities
- U.S. equity and option orders entered through Pershing’s NetExchange® platforms on Monday, January 17, 2011, will be held for submission until Tuesday, January 18, 2011.
- U.S. equity and option orders entered via a third-party or proprietary order management system via NetExchange Services™ will be subject to standard holiday restrictions noted below:
- MQ Series and XML/Web Services orders are subject to being held for submission on Tuesday, January 18, 2011, based on rules engine configuration and after-hours message identifiers.
- FIX order processing will not be available.
- Extended-hours trading will not be available on Monday, January 17, 2011.
- There will be no cash trades accepted on Monday, January 17, 2011.
Non-U.S. Equities
- Orders for non-U.S. instruments will be accepted and routed to appropriate market centers on Monday, January 17, 2011. Orders may be executed if they are sent to market centers that are open.
- If these transactions were submitted in NetX360™, they will be viewable on the Order Status screen. Orders that are filled Monday, January 17, 2011, will be viewable on the Intraday Activity screen within NetX360.
- Non-U.S. equity orders entered via a third-party or proprietary order management system using FIX messaging will be permitted and routed to the appropriate foreign market.
- Non-U.S. settlements will be processed by the agent banks, as per their respective holiday schedules.
U.S. Fixed Income
- The MSRB mandates that all trades entered on Monday, January 17, 2011, must be reported with a trade date of Tuesday, January 18, 2011, in the first 15 minutes of Tuesday, January 18, 2011. You may enter these trades through the Trade Change Management System (TCMS), the Bond Order Entry System (BOES), or via a third-party or proprietary interface using the NetExchange Services platform. The execution time for these trades must be 00:01:00.
- BondCentral® will be unavailable on Monday, January 17, 2011.
- The Fixed Income Clearing Corporation (FICC) will be closed and there will be no Government Securities Clearing Corporation (GSCC) and Mortgage-Backed Securities Clearing Corporation (MBSCC) trade submissions on Monday, January 17, 2011. Please note that the following changes in FICC’s operations and schedules will be in effect:
- GOV Division Real-Time Trade Matching (RTTM) Comparison and Netting
- Comparison System—All Regular Way, When-Issued and Forward Settlement Trades executed on Friday, January 14, 2011, for settlement Tuesday, January 18, 2011, or later, should be submitted on Friday, January 14, 2011, by the normal cutoff time of 8 p.m.(ET)/1 a.m. (GMT) on Tuesday, January 18, 2011.
- Netting System—All netted obligations resulting from compared Regular Way Trades among Netting Members submitted on Monday, January 17, 2011, will settle on Tuesday, January 18, 2011.
- All output will be available by 3 a.m. (ET)/8 a.m. (GMT) on Monday, January 17, 2011.
- No trade input will be accepted on Monday, January 17, 2011. Trades targeted for Monday, January 17, 2011, should be re-submitted on Tuesday, January 18, 2011, along with trades of that day.
- Mortgage-Backed Securities (MBS) Division Clearing, RTTM and Electronic Pool Notification (EPN) Systems
- File transmission users will receive output files from the afternoon (PM) pass on Friday, January 14, 2011, according to the normal processing schedule.
- Normal file transmission service (FTS) processing will resume on Tuesday, January 18, 2011.
- Government Securities Division (GSD) participants with questions should call the GSD Operations Hotline at (212) 855-7600 or (888) 382-2721.
- Mortgage-Backed Securities Division (MBSD) participants with questions should call the MBSD Operations Hotline at (212) 855-7886 or (888) 382-2721. There will be no settlement for commercial papers on Monday, January 17, 2011.
Non-U.S. Fixed Income
- Orders for non-U.S. instruments will be accepted and routed to appropriate market centers on Monday, January 17, 2011. Orders may be executed if they are sent market centers that are open.
- Non-U.S. settlements will be processed by the agent banks, as per their respective holiday schedules.
- Non-U.S. purchase and sale settlement information and customer service will be available on a limited basis on Monday, January 17, 2011.
Mutual Funds
- Mutual fund orders entered through Pershing’s NetExchange platforms on Monday, January 17, 2011, will be held for submission until Tuesday, January 18, 2011.
- Mutual fund orders entered via an End of Day or Intraday Mutual Fund Order File will not be accepted on Monday, January 17, 2011.
- Mutual fund orders entered via a third-party or proprietary order management system via NetExchange Services will be subject to standard holiday restrictions noted below:
- MQ Series and XML/Web Services orders are subject to being held for submission on Tuesday, January 18, 2011, based on rules engine configuration and after-hours message identifiers.
Foreign Exchange
- The Foreign Exchange (FX) desk will close at 1 p.m. (ET)/6 p.m. (GMT) on Monday, January 17, 2011, and will resume normal business hours for Tuesday, January 18, 2011, beginning at 5:30 p.m. (ET)/10:30 p.m. (GMT) on Monday, January 17, 2011. FX business conducted through Pershing’s NetExchange platforms will follow an identical schedule.
Operational Processing Guidelines
Asset Services, Credit Services and the General Customer Service teams will not be available to answer your calls on the Martin Luther King Day observance on Monday, January 17, 2011. Please note, however, that Pershing’s Clearance and Settlement Customer Service Team will be partially staffed and available from 8 a.m.(ET)/1 p.m. (GMT) until 2 p.m. (ET)/7 p.m. (GMT) on that date to provide coverage for international purchase and sales, and local market settlement inquiries.
- Pershing’s Standard Files will not run on the evening of Monday, January 17, 2011, because of the Martin Luther King Day observance, with the exception of the Audit Trail Report file (NSAT), which does not adhere to holiday processing, running 365 days per year. Additionally:
- Since this is a Monday holiday, any weekly files normally scheduled to run on a Monday will be sent instead with the batch cycle that will be run on Tuesday, including the Identification Management (IMSF) file.
- Any files that run Friday data on Monday mornings will not be sent until Tuesday morning. This includes the following active standard files: Transfers (ACA2), Subscription Products Financial Activity (ASPF), Easy to Borrow (EZBR), Mutual Fund Dealer Agreements (MFDA) and Matched/Unmatched (MUPM).
- There will be no money fund sweep, check deposit, check disbursement, non-dollar wire, federal fund wire, journal and Automated Clearing House (ACH) processing on Monday, January 17, 2011.
- Federal fund wires, non-dollar wires and check requests entered via the asset movement next-day processing functionality via NetX360 on Monday, January 17, 2011, will be processed on Tuesday, January 18, 2011.
- All bookkeeping next-day processing functionality entered on Pershing systems on Monday, January 17, 2011, and on Tuesday, January 18, 2011, will be viewable on Wednesday, January 19, 2011.