Delayed Compensation 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 Saturday’s, Sundays or any day the Federal Reserve Bank of New York is closed. In addition, solely for the purposes of calculating the start date for delayed compensation, a Business Day excludes any day on which the New York Stock Exchange is closed.

The LSTA’s recommended holiday schedule for calculating delayed compensation can be found below:

2023 Holidays Observed

  • New Year’s Day – Monday, January 2nd
  • Martin Luther King, Jr. Day – Monday, January 16th
  • Washington’s Birthday – Monday, February 20th
  • Good Friday – Friday, April 7th
  • Memorial Day – Monday, May 29th
  • Juneteenth National Independence Day – Monday, June 19th
  • Independence Day – Tuesday, July 4th
  • Labor Day – Monday, September 4th
  • Columbus Day – Monday, October 9th
  • Thanksgiving Day – Thursday, November 23rd
  • Christmas Day – Monday, December 25th

The New York Fed’s 2023 Holiday Schedule can be found by clicking here

Click here for the 2023 NYSE Holiday Schedule

Become a Member

Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.

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LSTA Suite of Documents Continues to Grow

February 28, 2024 - This article was first published in the 2024 winter edition of Loans Magazine, which can be accessed here. There are two legal projects…

The Kirschner Case: This is the End

The Supreme Court denied Kirschner's petition for certiorari, finally ending the case. As LSTA's Elliot Ganz explains, this cements that syndicated loans are not securities,…