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85-82 Christmas Day - New Year's Day: Trade Date-Settlement Date Schedule

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Wednesday, December 25, 1985, Christmas Day, and Wednesday, January 1, 1986, 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 Schedule For "Regular-Way" Transactions

Trade Date

Settlement Date

Regulation T Date*

December 17

December 24

December 27

18

26

30

19

27

31

20

30

January 2 1986

23

31

3

24

January 2 1986

--

25

MARKETS CLOSED

6

26

3

7

27

6

8

30

7

9

31

8

10

January 1 1986

MARKETS CLOSED

--

The foregoing settlement dates should be used by brokers, dealers, and municipal securities dealers for purposes of clearing and settling transactions pursuant to the NASD's 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 Uniform Practice Department of the NASD at (212) 839-6256.

* * * * *


* 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 Sections 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 "Regulation T Date."



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