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The LSTA Recommends Treating Wednesday, December 5, 2018 as a Loan Market Holiday When Calculating Delayed Compensation

December 3, 2018 (updated December 3, 2018 @ 5PM) - The President has designated December 5th as a National Day of Mourning in honor of the memory of former President George H.W. Bush. The Loan Syndications and Trading Association (LSTA) recommends treating Wednesday, December 5, 2018 as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation. On Wednesday, December 5, 2018, the Federal Reserve Bank payment and securities settlement systems will operate normally. Reserve Bank cash offices will fulfill financial institution orders for currency and coin according to normal operating procedures. The Federal Reserve Bank of New York has stated that the Open Market Trading Desk does not intend to conduct operations; however, the Fedwire Securities Service will operate. The New York Stock Exchange will be closed.

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 recognizes both the Federal Reserve Bank of New York and the New York Stock Exchange holiday closings when making its recommendations.

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