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88-99 Trade Date-Settlement Date Schedule: Christmas Day, New Year's Day, and Martin Luther King, Jr. Day

SUGGESTED ROUTING*

Internal Audit
Municipal
Operations
Systems
Trading

*These are suggested departments only. Others may be appropriate for your firm.

Christmas Day and New Year's Day

Securities markets and the NASDAQ System will be closed on Monday, December 26, 1988 and Monday, January 2, 1989 in observance of Christmas Day and New Year's Day respectively. "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

Reg. T*

December 16

23

28

19

27

29

20

28

30

21

29

Jan. 3, 1989

22

30

4

23

January 3

5

26

Markets Closed

27

4

6

28

5

9

29

6

10

30

9

11

January 2

Markets Closed

3

10

12

Martin Luther King, Jr. Day:

The schedule of trade dates/settlement dates below reflects the observance by the financial community of Martin Luther King, Jr.'s Day, Monday, January 16, 1989. On January 16, the NASDAQ System and the exchange markets will be open for trading. However, it will not be a settlement date since many of the nation's banking institutions will be closed.

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

Trade Date

Settlement

Reg. T*

January 5

12

16

6

13

17

9

17

18

10

18

19

11

19

20

12

20

24

13

23

24

16

23

25

17

24

26

January 16, 1989, is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.

Securities will not be quoted ex-dividend, and settlements, marks to the market, reclamations, buy-ins and sell-outs, as provided in the Uniform Practice Code, will not be made and/or exercised on January 16.

The foregoing settlement dates should be used by broker-dealers and municipal securities dealers 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 this notice should be directed to the NASD Uniform Practice Department at (212) 858-4341.


*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 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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