Wall Street banks and financial exchanges are grappling with how to observe Juneteenth, the June 19 federal holiday signed into law by President Joe Biden Thursday to commemorate the end of slavery in the US.
ReutersBefore deciding whether to close, US exchanges rely on input from several participants, including banks, broker-dealers and regulators.
Wall Street banks and financial exchanges are grappling with how to observe Juneteenth, the June 19 federal holiday signed into law by President Joe Biden Thursday to commemorate the end of slavery in the US.
Most government workers will be granted paid time off June 18 as the holiday falls on Saturday this year, but the same won’t be true for the financial markets. Before deciding whether to close, US exchanges — primarily the New York Stock Exchange and Nasdaq — rely on input from several participants, including banks, broker-dealers and regulators.
The Federal Reserve Board’s offices in Washington will be closed Friday, while its financial services operate normally. The central bank said earlier that it will “determine how to adjust our schedule to reflect the new federal holiday in the years to come.” The Securities and Exchange Commission also said its offices will close.
The Securities Industry & Financial Markets Association, an industry group, said it won’t recommend that fixed-income markets close as the Fedwire settlement system will remain open.
Any decision about whether to make Juneteenth a market holiday “will be part of our annual calendar review during which we consult with stakeholders,” Katrina Cavalli, a Sifma spokeswoman, said in an emailed statement. CME Group Inc., the world’s largest futures exchange, will follow Sifma’s lead, a spokeswoman said. The holiday also falls on a weekend in 2022.
Reuters
