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90-4 Trade Date-Settlement Date Schedule for 1990

SUGGESTED ROUTING*

Internal Audit
Legal & Compliance
Municipal
Operations
Syndicate
Systems
Trading

*These are suggested departments only. Others may be appropriate for your firm.

Martin Luther King, Jr., Day: Trade Date-Settlement Date Schedule

The schedule of trade dates-settlement dates below reflects the observance by the financial community of Martin Luther King, Jr., Day, Monday, January 15, 1990. On January 15, the NASDAQ System and the exchange markets will be open for trading. However, it will not be a settlement date because many of the nation's banking institutions will be closed.

Trade Date

Settlement Date

Reg. T Date*

January 4

11

15

5

12

16

8

16

17

9

17

18

10

18

19

11

19

22

12

22

23

15

22

24

16

23

25

Note: January 15, 1990, is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.

Transactions made on January 15 will be combined with transactions made on the previous business day, January 12, for settlement on January 22. Securities will not be quoted ex-dividend, and settlements, marks to the market, reclamations, and buy-ins and sell-outs, as provided in the Uniform Practice Code, will not be made and/or exercised on January 15

Presidents' Day: Trade Date-Settlement Date Schedule

Securities markets and the NASDAQ System will be closed on Monday, February 19, 1990, in observance of Presidents' Day. "Regular way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

Trade Date

Settlement Date

Reg. T Date*

February 9

16

21

12

20

22

13

21

23

14

22

26

15

23

27

16

26

28

19

Markets Closed

20

27

March 1

Good Friday: Trade Date-Settlement Date Schedule

Securities markets and the NASDAQ System will be closed on Good Friday, April 13, 1990. "Regular way" transactions made on the business days immediately preceding that day will be subject to the following schedule:

Trade Date

Settlement Date

Reg. T Date*

April 5

12

17

6

16

18

9

17

19

109

18

20

13

19

23

16

20

24

13

Markets Closed

16

23

25

Memorial Day: Trade Date-Settlement Date Schedule

Securities markets and the NASDAQ System will be closed on Monday, May 28, 1990, in observance of Memorial Day. "Regular way" transactions made on the business days noted below will be subject to the following schedule:

Trade Date

Settlement Date

Reg. T Date*

May 18

May 25

May 30

21

29

31

22

30

June 1

23

31

4

24

June 1

5

25

4

6

28

Markets Closed

29

5

7

Independence Day: Trade Date-Settlement Date Schedule

Securities markets and the NASDAQ System will be closed on Wednesday, July 4, 1990, in observance of Independence Day. "Regular way" transactions made on the business days noted below will be subject to the following schedule:

Trade Date

Settlement Date

Reg. T Date*

June 26

July 3

July 6

27

5

9

28

6

10

29

9

11

July 2

10

12

2

11

13

4

Markets Closed

5

12

16

Labor Day: Trade Date-Settlement Date Schedule

Securities markets and the NASDAQ System will be closed on Monday, September 3, 1990, in observance of Labor Day. "Regular way" transactions made on the business days noted below will be subject to the following schedule:

Trade Date

Settlement Date

Reg. T Date*

August 24

August 31

September 5

27

September 4

6

28

5

7

29

6

10

30

7

11

31

10

12

September 3

Markets Closed

4

11

13

Columbus Day: Trade Date-Settlement Date Schedule

The schedule of trade dates-settlement dates below reflects the observance by the financial community of Columbus Day, Monday, October 8, 1990. On this day, the NASDAQ System and the exchange markets will be open for trading. However, it will not be a settlement date since many of the nation's banking institutions will be closed in observance of Columbus Day.

Trade Date

Settlement Date

Reg. T Date*

September 27

October 4

October 8

28

5

9

October 1

9

10

2

10

11

3

11

12

4

12

15

5

15

16

8

15

17

9

16

18

Note: October 8, 1990, is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.

Transactions made on Monday, October 8, will be combined with transactions made on the previous business day, October 5, for settlement on October 15. Securities will not be quoted ex-dividend, and settlements, marks to the market, reclamations, and buy-ins and sell-outs, as provided in the Uniform Practice Code, will not be made and/or exercised on October 8.

Veteran's Day and Thanksgiving Day: Trade Date-Settlement Date Schedule

The schedule of trade dates-settlement dates below reflects the observance by the financial community of Veteran's Day, Monday, November 12, 1990, and Thanksgiving Day, Thursday, November 22, 1990. On Monday, November 12 the NASDAQ System and the exchange markets will be open for trading. However, it will not be a settlement date since many of the nation's banking institutions will be closed in observance of Veteran's Day. All securities markets will be closed on Thursday, November 22, in observance of Thanksgiving Day.

Trade Date

Settlement Date

Reg. T Date*

November 1

8

12

2

9

13

5

13

14

6

14

15

7

15

16

8

16

19

9

19

20

12

19

21

13

20

23

14

21

26

15

23

27

16

26

28

19

27

29

20

28

30

21

29

December 3

22

Markets Closed

23

30

4

Note: November 12, 1990 is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.

Transactions made on November 12 will be combined with transactions made on the previous day, November 9, for settlement on November 19. Securities will not be quoted ex-dividend, and settlements, marks to the market, reclamations, buy-ins, and sell-outs, as provided in the Uniform Practice Code, will not be made and/or exercised on November 12.

Christmas Day and New Year's Day: Trade Date-Settlement Date Schedule

Securities markets and the NASDAQ System will be closed on Tuesday, December 25, 1990, Christmas Day, and Tuesday, January 1, 1991, New Year's Day. "Regular way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

Trade Date

Settlement Date

Reg. T Date*

Dec.17, 1990

24

27

18

26

28

19

27

31

20

28

Jan.2, 1991

21

31

3

24

Jan.2, 1991

4

25

Markets Closed

26

3

7

27

4

8

28

7

9

31

8

10

Jan.1, 1991

Markets Closed

2

9

11

Brokers, dealers, and municipal securities dealers should use the foregoing settlement dates for purposes of clearing and settling transactions pursuant to the NASD Uniform Practice Code and Municipal Securities Rulemaking Board Rule G-12 on Uniform Practice.

Questions regarding the application of these settlement dates to a particular situation may be directed to the NASD Uniform Practice Department at (212) 858-4341.


*Pursuant to Sections 220.8(b)(l) and (4) of Regulation T of the Federal Reserve Board, a broker-dealer must promptly cancel or otherwise liquidate a customer purchase transaction in a cash account if full payment is not received within seven (7) business days of the date of purchase or, pursuant to Section 220.8(d)(l), make application to extend the time period specified. The date by which members must take such action is shown in the column entitled "Reg. T Date".



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