In observance of the U.S. Columbus Day holiday, the Loan Syndications and Trading Association recommends treating Monday, October 12, as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation.
Delayed compensation accrues on loan market trades that do not settle within a set number of business days after trade date. Business days do not include Saturdays, Sundays or any day the Federal Reserve Bank of New York is closed. The LSTA re-cognizes both the New York Stock Exchange and the Federal Reserve Bank of New York holiday closings when making its recommendations. The Federal Reserve Bank of New York will be closed on October 12, 2009, in observance of the Columbus Day holiday.
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