The Securities Industry and Financial Markets Association recommended an early close of 12:00 pm EST on Monday in trading of fixed-income securities in the United States.
SIFMA said it will continue to monitor conditions to determine any additional recommendations for Tuesday as Hurricane Sandy on Sunday evening approached landfall in the Northeast.
SIFMA said its recommendation applied to trading of US dollar-denominated government 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. The early close will not affect the closing time for settlements.
SIFMA said each member firm should decide for itself whether its fixed-income departments remain open for trading.