“SIFMA’s Board of Directors and membership reassessed the early close policy, recognizing that additional access to the liquidity provided by our members would benefit all market participants. The interconnected, global nature of the fixed income markets and the significant–and nearly round the clock–access to liquidity that many members provide would be enhanced by this change. Since shortened trading days may limit the liquidity window and create possible market risks which could be mitigated with a full functioning fixed income market on days when liquidity could be normal, we have determined eliminating some of the early closes is a better solution,” said Randy Snook, executive vice president at SIFMA. “This step will allow firms of all sizes around the globe to have access to fixed income liquidity on an almost continuous basis on most trading days of the year.”
Early close recommendations will be eliminated for the following holidays:
· Friday before Martin Luther King, Jr. Day
· Friday before President’s Day
· Day before Independence Day
· Friday before Labor Day
· Day before Columbus Day
· Day before Veterans Day
· Day before Thanksgiving
Early close recommendations around the Good Friday, Memorial Day, Thanksgiving (day after), Christmas and New Year’s Day holidays will remain unchanged in recognition of the very limited global activity late on those days. The new policy does not affect full market closes.
