National Day of Mourning

As you may know by now, President Trump declared over the weekend that Wednesday, December 5, 2018 will be a National Day of Mourning to honor the memory of President George H.W. Bush. We have received several inquiries regarding the potential impact of this declaration on the banking industry; we imagine you have as well. We want to share with you what we have learned through ICBA.

On Wednesday, December 5, 2018:

  • Federal Reserve Bank payment and securities settlement systems will operate normally;
  • Reserve Bank cash offices will fulfill currency and coin orders according to normal operating procedures;
  • the New York Stock Exchange and Nasdaq will close;
  • dealers serving the fixed-income cash markets[1]have the option to close; and
  • settlements in municipal and corporate securities will occur as scheduled since the DTCC/NSCC will remain open on Wednesday.

[1] Fixed-income cash markets include: U.S. dollar denominated U.S. Government and agency securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers acceptances, commercial paper and Yankee and Euro certificates of deposit.

Avatar

ABOUT THE AUTHOR

ICBSD