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95-107 Trade Date-Settlement Date Schedule For 1996

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 15, 1996. On January 15, 1996, 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*

Jan. 5

Jan. 10

Jan. 12

8

11

15

9

12

16

10

16

17

11

17

18

12

18

19

15

18

22

16

19

23

*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 five (5) business days of the date of purchase 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."

Note: January 15, 1996, 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 18. 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

The Nasdaq Stock Market and the securities exchanges will be closed on Monday, February 19, 1996, 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. 12

Feb. 15

Feb. 20

13

16

21

14

20

22

15

21

23

16

22

26

19

Markets Closed

-

20

23

27

Good Friday: Trade Date-Settlement Date Schedule

The Nasdaq Stock Market and the securities exchanges will be closed on Good Friday, April 5, 1996. "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. 1

Apr. 4

Apr. 9

2

8

10

3

9

11

4

10

12

5

Markets Closed

-

8

11

15

Memorial Day: Trade Date-Settlement Date Schedule

The Nasdaq Stock Market and the securities exchanges will be closed on Monday, May 27, 1996, in observance of Memorial Day. "Regular way" transactions made on the business days noted below will be subject to the following

Trade Date

Settlement Date

Reg. T Date*

May 21

May 24

May 29

22

28

30

23

29

31

24

30 June

3

27

Markets Closed

-

28

31

4

Independence Day: Trade Date-Settlement Date Schedule

The Nasdaq Stock Market and the securities exchanges will be closed on Thursday, July 4, 1996, 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 8

July 1

5

9

2

8

10

3

9

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 2, 1996, in observance of Labor Day. "Regular way" transactions made on the business days noted below will be subject to the following

Trade Date

Settlement Date

Reg. T Date*

Aug. 27

Aug. 30

Sept. 4

28 Sept.

3

5

29

4

6

30

5

9

Sept.

2 Markets Closed

-

3

6

10

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 14, 1996. On this day, 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*

Oct. 7

Oct. 10

Oct. 14

8

11

15

9

15

16

10

16

17

11

17

18

14

17

21

15

18

22

Note: October 14, 1996, is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.

Transactions made on Monday, October 14, will be combined with transactions made on the previous business day, October 11, for settlement on October 17. 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 14.

Veterans' 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 Veterans' Day, Monday, November 11, 1996, and Thanksgiving Day, Thursday, November 28, 1996. On Monday, November 11, 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 in observance of Veterans' Day. All securities markets will be closed on Thursday, November 28, in observance of Thanksgiving Day.

Trade Date

Settlement Date

Reg. T Date*

Nov. 5

Nov. 8

Nov. 12

6

12

13

7

13

14

8

14

15

11

14

18

12

15

19

22

27

Dec. 2

25

29

3

26

Dec. 2

4

27

3

5

28

Markets Closed

-

29

4

6

Note:November 11, 1996, is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.

Transactions made on November 11 will be combined with transactions made on the previous business day, November 8, for settlement on November 14. 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 November 11.

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

The Nasdaq Stock Market and the securities exchanges will be closed on Wednesday, December 25, 1996, in observance of Christmas Day, and Wednesday, January 1, 1997, 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. 24

Dec. 27

20

26

30

23

27

31

24

30

Jan. 2, 1997

25

Markets Closed

-

26

31

3

27

Jan. 2, 1997

6

30

3

7

31

6

8

Jan. 1, 1997

Markets Closed

-

2

7

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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