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85-42 Independence 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 Thursday, July 4, 1985, 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 Schedule For "Regular-Way" Transactions

Trade Date

Settlement Date

Regulation T Date *

June 26

July 3

July 8

27

5

9

28

8

10

July 1

9

11

2

10

12

3

11

15

4

Markets Closed

5

12

16

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 Rule-making 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 22.8(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 "Regulation T Date."



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