Bolton Global Capital Services will be closed on Monday, July 4th 2011 in observance of Independence Day. Most departments at Pershing will be closed on Monday, July 4, 2011. Please note the following details regarding that day’s operations both at our firm and within the financial industry.
Industry and Market Guidelines
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, July 4, 2011.
· The Options Clearing Corporation (OCC) will be closed on Monday, July 4, 2011.
Fixed Income
The Securities Industry and Financial Markets Association (SIFMA) recommends a full market close on Monday, July 4, 2011, for the trading of U.S. dollar-denominated fixed-income securities in the United States. 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 Fixed Income Clearing Corporation (FICC) will be closed on Monday, July 4, 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, July 4, 2011.
· The Federal Reserve Bank of New York will be closed on Monday, July 4, 2011.
Trade Entry and Processing Guidelines
U.S. Equities
· U.S. equity and option orders entered through Pershing’s NetExchange® platforms on Monday, July 4, 2011, will be held for submission until Tuesday, July 5, 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:
o MQ Series and XML/Web Services orders are subject to being held for submission on Tuesday, July 5, 2011, based on rules engine configuration and after-hours message identifiers.
o FIX order processing will not be available.
· Extended-hours trading will not be available on Monday, July 4, 2011.
· There will be no cash trades accepted on Monday, July 4, 2011.
· Orders for non-U.S. instruments will be accepted and routed to appropriate market centers on Monday, July 4, 2011, with the non-U.S. equities trading desk observing normal operation hours. Orders may be executed if the market centers to which they are sent are open.
o If these transactions were submitted in NetX360™, they will be viewable on the Order Status screen.
o Orders that are filled Monday, July 4, 2011, will be viewable on the Intraday Activity screen within NetX360.
o 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.
o Non-U.S. settlements will be processed by the agent banks, as per their respective holiday schedules.
U.S. Fixed Income
The MSRB is mandating that all trades entered on Monday, July 4, 2011, must be reported with a trade date of Tuesday, July 5, 2011, in the first 15 minutes of Tuesday, July 5, 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, July 4, 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, July 4, 2011. Please note that the following changes in FICC’s operations and schedules will be in effect:
o GOV Division Real-Time Trade Matching (RTTM) Comparison and Netting
o Comparison System—All Regular Way, When-Issued, and Forward Settlement Trades executed on Friday, July 1, 2011, for settlement Tuesday, July 5, 2011, or later, should be submitted on Friday, July 1, 2011, by the normal cut-off time of 8 p.m. (ET)/midnight (GMT).
o No trade input will be accepted on Monday, July 4, 2011. Trades targeted for Monday, July 4, 2011, should be re-submitted on Tuesday, July 5, 2011, along with trades of that day.
o Mortgage-Backed Securities (MBS) Division Clearing, RTTM, and Electronic Pool Notification (EPN) Systems
o File transmission users will receive output files from the afternoon (PM) pass on Friday, July 1, 2011, according to the normal processing schedule.
o Normal file transmission service (FTS) processing will resume on Tuesday, July 5, 2011.
o Government Securities Division (GSD) participants with questions should call the GSD Operations Hotline at (212) 855-7600 or (888) 382-2721.
o 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, July 4, 2011.
· Orders for non-U.S. instruments will be accepted and routed to appropriate market centers on Monday, July 4, 2011. Orders may be executed if the market centers to which they are sent are open.
o Non-U.S. settlements will be processed by the agent banks, as per their respective holiday schedules.
o Non-U.S. purchase and sale settlement information and customer service will be available on a limited basis on Monday, July 4, 2011.
Mutual Funds
· Mutual fund orders entered through Pershing’s NetExchange platforms on Monday, July 4, 2011, will be held for submission until Tuesday, July 5, 2011.
· Mutual fund orders entered via an End of Day or Intraday Mutual Fund Order File will not be accepted on Monday, July 4, 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, July 5, 2011, based on rules engine configuration and after-hours message identifiers.
Foreign Exchange
· The Foreign Exchange (FX) desk will be closing at 1 p.m. (ET)/5 p.m. (GMT) on Monday, July 4, 2011, and will resume normal business hours for trade date Tuesday, July 5, 2011, beginning at 5:30 p.m. (ET)/9:30 p.m. (GMT) on Monday, July 4, 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 Independence Day observance on Monday, July 4, 2011. Please note, however, that Pershing’s Clearance and Settlement Customer Service team will be partially staffed and available from 8 a.m. (ET)/noon (GMT) until 2 p.m. (ET)/6 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, July 4, 2011, because of the Independence 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:
o Since this is a Monday holiday, any weekly files scheduled to run normally on a Monday will be sent instead with the batch cycle that will be run on Tuesday, including the Identification Management (IMSF) file.
o 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) and Mutual Fund Dealer Agreements (MFDA).
o 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, July 4, 2011.
o Asset movement next-day processing functionality will not be available via the NetExchange systems for federal fund wires, non-dollar wires and check requests.
o There will be no settlements for Depository Trust and Clearing Corporation (DTCC) and the Federal Reserve by Pershing on Monday, July 4, 2011. Please note that requests for partial deliveries of securities default to next-day settlement. Requests initiated in good order and approved on Friday July 1, 2011, as next-day settlement will settle on Tuesday July 5, 2011.
o All bookkeeping next-day processing functionality entered on Pershing systems on Monday, July 4, 2011, and on Tuesday, July 5, 2011, will be viewable on Wednesday, July 6, 2011.