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94-99 Trade Date-Settlement Date Schedule For 1995

SUGGESTED ROUTING

Internal Audit
Legal & Compliance
Municipal
Operations
Syndicate
Systems
Trading

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 16, 1995. On January 16, 1995, The Nasdaq Stock Market™ and the securities exchanges 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*

Jan. 5

Jan. 12

Jan. 16

6

13

17

9

17

19

10

18

20

11

19

23

12

20

24

13

23

25

16

23

25

17

24

26

Note: January 16, 1995, is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.

Transactions made on January 16 will be combined with transactions made on the previous business day, January 13, for settlement on January 23. 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 16.

*Pursuant to Sections 220.8(b)(1) 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 two (2) business days after the settlement date of the purchase transaction or, pursuant to Section 220.8(d)(1), 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."

Presidents' Day: Trade Date-Settlement Date Schedule

The Nasdaq Stock MarketSM and the securities exchanges will be closed on Monday, February 20, 1995, in observance of Presidents' 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*

Feb. 10

Feb. 17

Feb. 22

13

21

23

14

22

24

15

23

27

16

24

28

17

27

Mar. 1

20

Markets Closed

-

21

28

2

Good Friday: Trade Date-Settlement Date Schedule

The Nasdaq Stock MarketSM and the securities exchanges will be closed on Good Friday, April 14, 1995. "Regular way" transactions made on the business days noted below will be subject to the following schedule:

Trade Date

Settlement Date

Reg. T Date*

Apr. 6

Apr. 13

Apr. 18

7

17

19

10

18

20

11

19

21

12

20

24

13

21

25

14

Markets Closed

-

17

24

26

Memorial Day: Trade Date-Settlement Date Schedule

The Nasdaq Stock Market™ and the securities exchanges will be closed on Monday, May 29, 1995, 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 19

May 26

May 31

22

30

June 1

23

31

2

24

June 1

5

25

2

6

26

5

7

29

Markets Closed

-

30

6

8

T+3 Implementation: Trade Date-Settlement Date Schedule

The following schedule represents the implementation of the conversion from a five (5) business day settlement cycle to three (3) business days. The Nasdaq Stock MarketSM and the securities exchanges will settle "regular way" transactions on the business days noted below. Wednesday, June 7, 1995 will be the first trade date for the three (3) business day settlement period.

Trade Date

Settlement Date

Reg. T Date*

May 31

June 7

June 9

June 1

8

12

2

9

13

5

9

13

6

12

14

7

12

14

8

13

15

Note: Transactions made on June 5 will settle in four (4) business days and will be combined with transactions made on the previous business day, June 2, for settlement on June 9. Transactions made on June 6 will settle in four (4) business days and will be combined with transactions made on the next business day, June 7, for settlement on June 12.

Independence Day: Trade Date-Settlement Date Schedule

The Nasdaq Stock Market™ and the securities exchanges will be closed on Tuesday, July 4, 1995, 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 28

July 3

July 6

29

5

7

30

6

10

July 3

7

11

4

Markets Closed

-

5

10

12

Labor Day: Trade Date-Settlement Date Schedule

The Nasdaq Stock Market™ and the securities exchanges will be closed on Monday, September 4, 1995, 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*

Aug. 29

Sept. 1

Sept. 6

30

5

7

31

6

8

Sept. 1

7

11

4

Markets Closed

-

5

8

12

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 9, 1995. On this day, The Nasdaq Stock MarketSM and the securities exchanges 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*

Oct. 2

Oct. 5

Oct. 9

3

6

10

4

10

12

5

11

13

6

12

16

9

12

16

10

13

17

Note: October 9, 1995, is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board. Transactions made on Monday, October 9, will be combined with transactions made on the previous business day, October 6, for settlement on October 12. 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 9.

Thanksgiving Day: Trade Date-Settlement Date Schedule

The Nasdaq Stock Market™ and the securities exchanges will be closed on Thursday, November 23, in observance of Thanksgiving 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*

Nov. 17

Nov. 22

Nov. 27

20

24

28

21

27

29

22

28

30

23

Markets Closed

-

24

29

Dec. 1

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

The Nasdaq Stock MarketSM and the securities exchanges will be closed on Monday, December 25, 1995, in observance of Christmas Day, and Monday, January 1, 1996, in observance of New Year's 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*

Dec. 19

Dec. 22

Dec. 27

20

26

28

21

27

29

22

28

Jan. 2, 1996

25

Markets Closed

-

26

29

3

27

Jan. 2, 1996

4

28

3

5

29

4

8

Jan. 1, 1996

Markets Closed

-

2

5

9

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 those settlement dates to a particular situation may be directed to the NASD Uniform Practice Department at (203) 375-9609.


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