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84-50 Trade Date — Settlement Dates for October and Early November

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Transactions made on Monday, October 8, Columbus Day; Tuesday, November 6, Election Day; and Monday, November 12, Veterans Day, and the days immediately preceding these days, will be subject to the schedule below. The purpose of this schedule is to provide uniformity since, while the NASDAQ System and other securities markets will be open on these days, many banking institutions will be closed.

Trade Date-Settlement Date Schedule For "Regular-Way" Transactions

Trade Date

Settlement Date

Regulation T Date*

October 1

October 9

October 10

2

10

11

3

11

12

4

12

15

5

15

16

8

15

17

October 30

November 7

November 8

31

8

9

November 1

9

12

2

13

13

5

14

14

6

14

15

7

15

16

8

16

19

9

19

20

12

19

21

October 8, November 6, and November 12 will not be considered business days for determining the day for settlement of a trade, the day on which stock shall be quoted ex-dividend or ex-rights, or in computing interest on bond trades. Marks to the market, reclamations, and close-outs should not be made on these days.

It should be noted that October 8, November 6, and November 12 shall be considered as business days for receiving customers' payments under Regulation T of the Federal Reserve Board.

The foregoing settlement dates should be used by broker-dealers and municipal securities dealers for purposes of clearing and settling transactions pursuant to the Association'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 Section 4(c)(2) 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 4(c)(6), 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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