This Veterans Day 2015, markets are open, banks are closed and settlement is a little different from the norm. WASHINGTON, November 6, 2015 – As a public service, this column always offers a short article indicating how trading and settlement rules work for upcoming Federal holidays, most of which find the markets closed. In the case of a settled trade, when settlement day arrives, you can cut a check for the profits you’ve booked (if any, given that it’s 2015), or whatever the proceeds of the transaction might be after commissions. Likewise on the buy side—money to buy x shares of stock must be in your account within those three days so it’s there for settlement day. Since Veterans Day is a trading day but not a settlement day, if your 3-day wait starts on or coincides with the 11th, you simply need to tack on an extra day in your calculations, since the 11th doesn’t count.
If you happen to be trading in them directly, international markets will differ, of course. In the meantime, here’s wishing everyone a Happy Veterans Day Holiday in advance, even if most of our readers still have to go out to work.
They can also choose when to trade and are not liable to rules that make trading compulsory for a certain amount of time. As we recall, back in relatively recent history, the Veterans Day time off was traded in by TPTB (The Powers That Be) to allow employers to use the day elsewhere in the year, like padding the Thanksgiving Day holiday with the extra day to make a long weekend out of it, which most employees tended to assemble for themselves anyway. After those days have elapsed, the trade is considered “settled,” a little bit like when your bank puts a “hold” on a large check you’ve deposited in your account in order to make sure that check actually clears before making those funds available to you. Simpler still, if you’re in this situation, the regular way settlement day for your transaction is effectively a day later than you thought.
If you have questions on this or any other issue involved with the upcoming holiday, be sure to call your friendly broker, as nuances can vary among firms and this column can’t be aware of them all, particularly when it comes to trading on foreign exchanges.
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Federal Reserve, and such low trading interest could continue until mid-December, when the Fed holds a policymaking meeting to decide its monetary policy.
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