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99-105 Trade Date—Settlement Date Schedule For 2000

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INFORMATIONAL

Trade Date—Settlement Date

SUGGESTED ROUTING

KEY TOPICS

Internal Audit
Legal & Compliance
Municipal/Government Securities
Operations
Trading & Market Making
Trade Date-Settlement Date Schedule

The Suggested Routing function is meant to aid the reader of this document. Each NASD member firm should consider the appropriate distribution in the context of its own organizational structure.

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

The Nasdaq Stock Market® and the securities exchanges will be closed on Monday, January 17, 2000, in observance of Martin Luther King, Jr., 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*
Jan. 11 Jan. 14 Jan. 19
12 18 20
13 19 21
14 20 24
17 Markets Closed
18 21 25

Presidents Day: Trade Date—Settlement Date Schedule

The Nasdaq Stock Market and the securities exchanges will be closed on Monday, February 21, 2000, 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. 15 Feb. 18 Feb. 23
16 22 24
17 23 25
18 24 28
21 Markets Closed
22 25 29

Good Friday: Trade Date—Settlement Date Schedule

The Nasdaq Stock Market and the securities exchanges will be closed on Good Friday, April 21, 2000. "Regular way" transactions made on the business days noted below will be subject to the following schedule:

Trade Date Settlement Date Reg. T Date*
April 17 April 20 April 25
18 24 26
19 25 27
20 26 28
21 Markets Closed
24 27 May 1

Memorial Day: Trade Date—Settlement Date Schedule

The Nasdaq Stock Market and the securities exchanges will be closed on Monday, May 29, 2000, 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 23 May 26 May 31
24 30 June 1
25 31 2
26 June 1 5
29 Markets Closed
30 2 6

Independence Day: Trade Date—Settlement Date Schedule

The Nasdaq Stock Market and the securities exchanges will be closed on Tuesday, July 4, 2000, 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, 2000, 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, 2000. 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. 3 Oct. 6 Oct. 10
4 10 11
5 11 12
6 12 13
9 12 16
10 13 17

Note: October 9, 2000, 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, 2000, 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 Years Day: Trade Date—Settlement Date Schedule

The Nasdaq Stock Market and the securities exchanges will be closed on Monday, December 25, 2000, in observance of Christmas Day, and Monday, January 1, 2001, in observance of New Years 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, 2001
25 Markets Closed
26 29 3
27 Jan. 2, 2001 4
28 3 5
29 4 8
Jan. 1, 2001 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 National Association of Securities Dealers, Inc. (NASD®) Uniform Practice Code, the Municipal Securities Rulemaking Board Rule G-12 on Uniform Practice, and the General and Floor Rules of the Rules of the Board of Governors of the American Stock Exchange®.

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.

*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 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 titled "Reg. T Date."


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