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29 October 2012
gfma SmartBrief Special Update  
News on the global financial markets
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From GFMA 
Alert: SIFMA calls for full closure of U.S. bond markets on Tuesday
The Securities Industry and Financial Markets Association recommends a full market close on Tuesday, October 30, for the trading of U.S. dollar-denominated fixed-income securities in the United States due to Hurricane Sandy and severe weather. However, SIFMA notes that primary dealers will need to determine if they intend to provide limited staffing on funding desks on Tuesday, October 30, in order to accommodate any potential open-market operations by the Federal Reserve Bank of New York.

In addition, SIFMA is recommending full closes for the trading of U.S. dollar-denominated government securities in Tokyo and London for October 30, 2012.

While tomorrow, October 30, is a good settlement day, SIFMA recommends that firms, to the extent possible, limit settlements on Tuesday, October 30.

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.

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.
  
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