Notice to Members 97-39

Independence Day: Trade Date — Settlement Date Schedule

Published Date:

June 01, 1997

SUGGESTED ROUTING
Internal Audit Legal & Compliance Municipal Operations	Syndicate Systems Trading

Independence Day: Trade Date — Settlement Date Schedule

The Nasdaq Stock Market^SM and the securities exchanges will be closed on Friday, July 4, 1997, in observance of Independence Day. "Regular way" transactions made on the business days noted below will be subject to the following schedule:

Trade Date	Settlement Date	Reg. T Date^*
June 30	July 3	July 8
July 1	7	9
2	8	10
3	9	11
4	Markets Closed	—
7	10	14

^* Pursuant to Sections 220.8(b)(1) 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 five business days of the date of purchase or, pursuant to Section 220.8(d)(1), make application to extend the time period specified. The date by which members must take such action is shown in the column titled "Reg. T Date."