SIFMA Recommends Early Market Close On May 25, 2007, And Full Market Close On May 28, 2007, For Trading Of U.S. Dollar-Denominated Fixed-Income Securities In The U.S. In Observance Of The Memorial Day Holiday

The Securities Industry and Financial Markets Association has confirmed its previous recommendations for an early close at 2:00 p.m., EDT, on Friday, May 25, 2007, and a full market close on Monday, May 28, 2007, for the trading of U.S. dollar-denominated fixed-income securities in the United States in observance of the Memorial Day Holiday.

These recommendations apply 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 early close will not affect the closing time for settlements.

SIFMA’s recommended early and full market closes are recommendations only; each member firm should decide for itself whether its fixed-income departments remain open for trading. All SIFMA recommendations are subject to change due to market conditions.