REVISED Trade Date — Settlement Date Schedule for Early November
TO: All NASD Members and Municipal Securities Bank Dealers
In Notice to Members 85-63, dated September 23, 1985, members were advised that Tuesday, November 5, Election Day, and Monday, November 11, Veterans Day, would not be considered business days since many banking institutions would be closed.
The NASD has been advised that most banking institutions will be open on Election Day but will remain closed on Veterans Day. Therefore, November 5, 1985, will be considered a business day for determining settlement of trades, ex-dividends, marks to the market, reclamations and close-outs.
REVISED Trade Date-Settlement Date Schedule For "Regular-Way" Transactions
|
Trade Date |
Settlement Date |
Regulation T Date1/ |
|
October 28 |
November 4 |
November 6 |
|
29 |
* 5 |
7 |
|
30 |
* 6 |
8 |
|
31 |
* 7 |
11 |
|
November 1 |
* 8 |
12 |
|
4 |
* 12 |
13 |
|
5 |
13 |
14 |
|
6 |
14 |
15 |
|
7 |
15 |
18 |
|
8 |
18 |
19 |
|
11 |
18 |
20 |
*Revised Dates
November 11 will not be considered a business day for determining the settlement of trades. Securities will not be quoted ex-dividend and marks to the market, reclamations and close-outs will not be made on these days.
It should be noted that November 11 will be considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.
The foregoing settlement dates should be used by brokers, dealers and municipal securities dealers for purposes of clearing and settling transactions pursuant to the NASD's Uniform Practice Code and Municipal Securities Rule-making 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)839-6256.
* * * * *
1/ Pursuant to Sections 220.8(b)(l) and (4) 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 220.8(d)(l), 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."