Trade Date—Settlement Date Schedule for Election Day and Veterans Day

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

"Regular-Way" transactions made on Tuesday, November 8, Election Day; and Friday, November 11, Veterans Day, and the days immediately preceding these days will be subject to the settlement date schedule listed below. The purpose of this schedule is to provide uniformity. While the NASDAQ System and other securities markets will be open on these days, many banking institutions will be closed.

Trade Date-Settlement Date Schedule For "Regular-Way" Transactions

November 8 and November 11, 1983 will not be considered business days for determining the day for settlement of a trade, the day on which stock shall be quoted ex-dividend or ex-rights, or in computing interest on bond trades. Marks to the market, reclamations, and close-outs should not be made on those days.

For purposes of Regulation T of the Federal Reserve Board, November 8 and November 11 will be counted as business days for receiving customers' payments.

The above settlement dates should be used by brokers, dealers, and municipal securities dealers for purposes of clearing and settling transactions pursuant to the Association's Uniform Practice Code and Municipal Securities Rulemaking Board Rule G-12 on Uniform Practice.

Questions regarding the application of these settlement dates to a particular situation may be directed to the Uniform Practice Department of the NASD at (212) 839-6255.

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* Pursuant to Section 4(c)(2) of Regulation T of the Federal Reserve Board, a broker-dealer must promptly cancel or otherwise liquidate a customer purchase transaction in a cash account if full payment is not received within seven (7) business days of the date of purchase or, pursuant to Section 4(c)(6), make application to extend the time period specified. The date by which members must take such action is shown in the column entitled "Regulation T Date."