FINRA 2017 Holiday Schedule

The FINRA 2017 Holiday Schedule has been released for trade dates, settlement dates, and margin extensions in 2017. Broker-dealers and municipal securities dealers should consult the schedule when requesting extensions of time for “regular way” transactions effected on dates before and after a holiday when the exchanges are closed. FINRA hopes this schedule will reduce the number of requests for Federal Reserve Board Regulation T and Securities Exchange Act (SEA) Rule 15c3-3 extensions that are denied around holidays due to incorrect due dates specified when the requests are made.

Pursuant to Sections 220.4(d) and 220.8(b)(4) of Regulation T of the Federal Reserve Board, a broker-dealer must promptly cancel or otherwise liquidate a customer purchase transaction in a margin account or cash account if payment is not received within one payment period of the date of purchase – or, pursuant to Sections 220.4(c) and 220.8(d)(1), the broker-dealer must apply to extend the time period specified. In the 2017 schedule below, the date by which firms must take such actions for “regular way” transactions effected on dates before and after a holiday when the exchange is closed is shown in the column titled “Regulation T Date”.

SEA Rule 15c3-3 requires that firms take prompt steps to obtain possession or control of securities pursuant to paragraph (m) through a buy-in procedure. Otherwise, pursuant to paragraph (n), if securities are not received within ten business days of the settlement date of the sale, firms must apply to extend the time period specified therein.

All extension requests for SEA Rule 15c3-3 must be received by the due dates listed below. These dates also apply to any securities traded on a foreign exchange. SEA Rule 15c3-3 extensions must be filed on the appropriate dates, regardless of the settlement cycle established by the foreign exchange on which the security is traded.

SEA Rule 15C3-3 Subparagraph Date Due
(d)(2) on the 30th calendar day after settlement date
(d)(3) on the 45th calendar day after settlement date
(d)(4) on the 2nd business day after the 30th calendar day from the date the segregation deficit occurred.
(h) on the 45th calendar day after settlement date
(m) on the 10th business day after settlement date

 

In the 2017 schedule below, the date by which firms must take such actions for “regular way” transactions effected on dates before and after a holiday when the exchange is closed is shown in the column titled “SEA Rule 15c3-3(m) Extension Date”.

 

2017 Holiday Trade Date, Settlement Date, and Margin Extensions Schedule

New Year’s Day

Monday, January 2, 2017. The securities exchanges will be closed.

Trade Date Settlement Date Regulation T Date SEA Rule 15c3-3(m) Extension Date
Dec 23 Dec 29 Jan 3 Jan 13
26 (Markets Closed) N/A N/A N/A
27 30 4 17
28 Jan 2 5 18
29 4 6 19
4 6 19 30
6 19 30 5
19 30 5 9
30 5 9 20
Jan 2 (Markets Closed) N/A N/A N/A
3 6 10 23

 

Martin Luther King, Jr. Day

Monday, January 16, 2017. The securities exchanges will be closed.

Trade Date Settlement Date Regulation T Date SEA Rule 15c3-3(m) Extension Date
Jan 9 Jan 12 Jan 17 Jan 27
10 13 18 30
11 17 19 31
12 18 20 Feb 1
13 19 23 2
16 (Markets Closed) N/A N/A N/A
17 20 24 3

 

Presidents’ Day

Monday, February 20, 2017. The securities exchanges will be closed.

Trade Date Settlement Date Regulation T Date SEA Rule 15c3-3(m) Extension Date
Feb 13 Feb 16 Feb 21 Mar 3
14 17 22 6
15 21 23 7
16 22 24 8
17 23 27 9
20 (Markets Closed) N/A N/A N/A
21 24 28 10

 

Good Friday

Friday, April 14, 2017. The securities exchanges will be closed.

Trade Date Settlement Date Regulation T Date SEA Rule 15c3-3(m) Extension Date
Apr 7 Apr 12 Apr 18 Apr 26
10 13 18 28
11 17 19 May 1
12 18 20 2
13 19 21 3
14 (Markets Closed) N/A N/A N/A
17 20 24 4

 

Memorial Day

Monday, May 29, 2017. The securities exchanges will be closed.

Trade Date Settlement Date Regulation T Date SEA Rule 15c3-3(m) Extension Date
May 22 May 25 May 30 Jun 9
23 26 31 12
24 30 Jun 1 13
25 31 2 14
26 Jun 1 5 15
29 (Markets Closed) N/A N/A N/A
30 2 6 16

 

Independence Day

Tuesday July 4, 2017. The securities exchanges will be closed.

Trade Date Settlement Date Regulation T Date SEA Rule 15c3-3(m) Extension Date
Jun 27 Jun 30 Jul 5 Jul 17
28 Jul 3 6 18
29 5 7 19
30 6 10 20
Jul 3 7 11 21
4 (Markets Closed) N/A N/A N/A
5 10 12 24

 

Labor Day

Monday, September 4, 2017. The securities exchanges will be closed.

Trade Date Settlement Date Regulation T Date SEA Rule 15c3-3(m) Extension Date
Aug 28 Aug 31 Sept 5 Sept 15
29 Sept 1 6 18
30 5 7 19
August 31 6 8 20
*Sept 1 7 11 21
4 (Markets Closed) N/A N/A N/A
*5 7 11 21

 

*Double Settlement Day Scenario (Holiday: September 4, 2017; Trade Dates: September 1 and 5, 2017; Double Settlement Day: September 7, 2017)

Columbus Day

Monday, October 9, 2017. The securities exchanges will be open. Therefore, it is considered a business day for receiving both customers’ securities under SEA Rule 15c3-3 and customers’ payments under Regulation T of the Federal Reserve Board. It is not, however, a settlement date, as banking institutions will be closed.

Trade Date Settlement Date Regulation T Date SEA Rule 15c3-3(m) Extension Date
Oct 2 Oct 4 Oct 6 Oct 18
3 5 9 19
4 6 10 20
5 10 12 24
6 11 13 25
9 11 13 25
10 12 16 26

 

Veteran’s Day

Saturday, November 11, 2017. As the exchanges are normally closed on Saturdays, there will be no changes to the schedule. Regular way settlement will occur as expected.

Thanksgiving Day

Thursday, November 11, 2017. The securities exchanges will be closed.

Trade Date Settlement Date Regulation T Date SEA Rule 15c3-3(m) Extension Date
Nov 16 Nov 20 Nov 22 Dec 5
17 21 24 6
20 22 27 7
21 24 28 8
23 (Markets Closed) N/A N/A N/A
24 28 30 12

 

Christmas Day

Monday, December 25, 2017. The securities exchanges will be closed.

Trade Date Settlement Date Regulation T Date SEA Rule 15c3-3(m) Extension Date
Dec 18 Dec 20 Dec 22 Jan 5
19 21 26 8
20 22 27 9
21 26 28 10
22 27 29 11
25 (Markets Closed) N/A N/A N/A
26 28 Jan 2, 2018 12

 

Finally, firms should be aware that the SEC is proposing an amendment to SEA Rule 15c6-1(a) to shorten the standard settlement cycle from T+3 to T+2 for most broker-dealer transactions. Industry representatives – such as SIFMA, the Depository Trust & Clearing Corporation, and the Investment Company Institute – have identified September 5, 2017 as the date the transition will begin. Firms should consider the move to a shortened settlement cycle (T+2) for all trade dates beginning September 5, 2017, in anticipation of this change.