|
A# |
5699 |
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P&S #: |
5269 |
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DATE: |
October 24, 2003 |
|
TO: |
ALL PARTICIPANTS |
|
ATTENTION: |
Managing Partner/Officer; P&S Manager; Cashier; Manager, Data Processing; Manager, Insurance Processing; Manager, Mutual Fund Processing; Manager, Dividend Department |
|
FROM: |
ENTERPRISE SERVICE CENTER |
| SUBJECT: | VETERANS DAY HOLIDAY SCHEDULE |
New York Banks will be closed on Tuesday, November 11, 2003 in observance of Veterans Day. The New York and American Stock Exchanges and the Nasdaq System will be open for trading on Tuesday, November 11, 2003.
The following changes in NSCC’s Operations and schedules will be in effect:
OTC EQUITY COMPARISON AND FIXED INCOME TRANSACTION SYSTEM – FITS:
SUBMISSION OF TRADE DATA
| TRADE DATE | NIGHT OF COMPARISON REGULAR WAY INPUT | T+1 ADJUSTMENTS | T+2 AND OLDER ADJUSTMENTS | T+3 AND OLDER ADJUSTMENTS | SETTLEMENT DATE |
|
Nov. 5 |
Nov. 5 |
Nov. 6 |
Nov. 7 |
N/A |
Nov. 10 |
|
Nov. 6 |
Nov. 6 |
Nov. 7 |
Nov. 8 |
Nov. 11 |
Nov. 12 |
|
Nov. 7 |
Nov. 7 |
Nov. 8 |
Nov. 11 |
Nov. 12 |
Nov. 13 |
|
Nov. 10 |
Nov. 10 |
Nov. 11 |
Nov. 12 |
Nov. 13 |
Nov. 14* |
|
Nov. 11 |
Nov. 11 |
Nov. 12 |
Nov. 13 |
N/A |
Nov. 14* |
|
Nov. 12 |
Nov. 12 |
Nov. 13 |
Nov. 14 |
N/A |
Nov. 17 |
*Double Day Settlement
BALANCE ORDERS
A double-day settlement will result on November 14, 2003. Non-CNS trades of November 10, 2003 and November 11, 2003 will be displayed on the Consolidated Trade Summary and netted for settlement on November 14, 2003.
Balance Orders will not be available for distribution on the morning of the Holiday.
NOTE: Municipal Bond Deliver instructions for settlement date November 12, 2003, which would normally settle in PDQ, should be delivered via DTC’s PTS Terminal.
CNS
No settlement will occur on November 11, 2003. The following changes will be made to CNS output schedules:
Consolidated Trade Summary (Including machine-readable output):
| T AND T+1 TRADES SETTLING ON | T+2 AND OLDER TRADES SETTLING ON | AVAILABLE ON |
|
Nov. 10 |
Nov. 7 |
Nov. 7 Normal |
|
Nov. 11(No Settlement) |
--- |
--- |
|
Nov. 12 |
Nov. 10 |
Nov. 10 Normal |
|
--- |
--- |
Nov. 11 None** |
|
Nov. 13 |
Nov. 12 |
Nov. 12 Normal*** |
|
Nov. 14 |
Nov. 13 |
Nov. 13 Normal |
** A Consolidated Trade Summary will not be available on the morning of the Holiday.
*** Indicates one-day items for trades of November 10, 2003, and November 11, 2003, settling on November 12, 2003.
Projection Report (Including machine-readable output):
Projection for Settlement Date |
Available On |
|
Nov. 10 |
Nov. 7 Normal |
|
Nov. 11 (No Settlement) |
--- |
|
Nov. 12 |
Nov. 10 One Day Early |
|
--- |
Nov. 11 None**** |
|
Nov. 13 |
Nov. 12 Normal |
****A Projection Report will not be available on the morning of the holiday.
Exemption and Priority Input:
To Control Settlement Of Member Should Submit On:
Nov. 10 Nov. 7 Normal
Nov. 11 (No Settlement) ---
Nov. 12 Nov. 10 One Day Early
--- Nov. 11 None
Nov. 13 Nov. 12 Normal
Accounting Summary (Including machine-readable output):
Settlement Date Available On
Nov. 10 Nov. 10 Normal
Nov. 11(No Settlement) --- None
Nov. 12 Nov. 12 Normal
DIVIDENDS
Record Dates – Securities with a published record date of November 11, 2003 will be changed to November 10, 2003. Since no CNS activity will occur on the 11th, closing positions for these two dates will be identical.
Due Bill Redemption Dates – Securities carrying a due bill redemption date November 11, 2003 will be changed to November 10, 2003. Again, closing positions for the two dates will be the same.
Payable Dates – Dividends payable on November 11, 2003 will be paid on November 12, 2003.
CENTRAL DELIVERY, SETTLEMTENT AND TRANSFER:
NSCC will not provide Delivery, Settlement or Transfer Services on Tuesday, November 11, 2003.
INTER-CITY DELIVERIES:
On Monday, November 10, 2003 deliveries will be accepted for settlement Wedneday, November 12, 2003.
No IESS activity will settle on November 11, 2003.
STOCK BORROW PROGRAM:
Stock Borrow availability information will be accepted on Monday, November 10, 2003 for settlement Wednesday, November 12, 2003. Settlement date on the input should be November 12, 2003.
AUTOMATED CUSTOMER ACCOUNT TRANSFER SERVICE (ACATS)
Settlement
ACATS activity processed on Friday, November 7, 2003, which would normally settle Tuesday, November 11, 2003, will settle on Wednesday, November 12, 2003.
ACATS activity processed on Monday, November 10, 2003, which would normally settle Wednesday, November 12, 2003, will be combined with ACAT activity of Tuesday, November 11, 2003 for settlement Thursday, November 13, 2003.
On Monday, November 10, 2003, (the day prior to the holiday), there will be no Settle-Prep status on the end-of-day ACATS output. For assets submitted on Friday, November 7, 2003, the accounts will remain in “Review” status and have a Review 2 (Day 2) status on Monday, November 10, 2003, end-of-day ACATS output.
Accelerations
The ACAT system will REJECT any acceleration transaction on the day PRIOR TO THE HOLIDAY. Participants will receive a reject reason of “missed cycle.” Acceleration will be accepted on the holiday only for transfers validated (assets submitted) on the holiday.
Transfers with a Bank Contra Party
On a Bank holiday, the ACAT system will reject all transactions where one side is a Bank participant.
Banks and trust companies receiving or delivering assets on the day before a bank holiday (Monday, November 10, 2003) must review the assets on the same day (Friday) to ascertain that the assets are valid and that the bank or trust company wishes to send/receive these assets. The banks or trust companies will not have an opportunity to review the assets on the bank holiday, since the bank and trust companies will be closed and ACATS will change the status to “Settle-Prep” on Tuesday, November 11, 2003.
ACATS-FUND/SERV INTERFACE
ACATS-Fund/SERV Interface activity processed on Tuesday, November 11, 2003 will settle on Wednesday, November 12, 2003.
MUTUAL FUND COMMISSION SETTLEMENT
No Mutual Fund Commission Settlement will occur on Tuesday, November 11, 2003. Activity submitted on Monday, November 10, 2003 will settle on Wednesday, November 12, 2003.
FUND/SERV
No settlement of Fund/SERV activity will occur on Tuesday, November 11, 2003. The following changes will be made to Fund/S ERV output schedules.
T+1 SETTLEMENT FILE SETTLEMENT
TRADE DATE (364 File) AVAILABLE ON DATE
Nov.10 Nov. 12 Nov. 12**
Nov.11* Nov. 12 Nov. 12 **
Nov. 12 Nov. 13 Nov. 13
T+3 SETTLEMENT FILE SETTLEMENT
TRADE DATE (365 File) AVAILABLE ON DATE
Nov. 6 Nov. 11 Nov. 12
Nov. 7 Nov. 12 Nov. 13
Nov.10*** Nov. 13 Nov. 14**
Nov.11 Nov. 13 Nov. 14**
Nov.12 Nov. 14 Nov. 18
*No 364 Settlement file available on Tuesday, November 11, 2003
* * Double Day Settlement
***No 365 Settlement file available on Monday, November 10, 2003.
NETWORKING
Networking activity will be accepted on Tuesday, November 11, 2003, however, no Networking Dividend Cash Settlement will occur on Tuesday, November 11, 2003.
INSURANCE PROCESSING
No IPS Commission, Application/Subsequent Premiums and Licensing and Appointment Settlement will occur on Tuesday, November 11, 2003. Activity submitted after the cutoff (11:00am for Commissions, 2:00pm for Application/Subsequent Premiums and 1:00pm for Licensing and Appointments) on Monday, November 10, 2003, will settle on Tuesday, November 12th, 2002. Activity for Positions (PPF, PVF), Annuity Asset Pricing (AAP) and Financial Activity Reporting (FAR) will be accepted and processed on Tuesday, November 11, 2003.
Any questions regarding this notice should be directed to your Relationship Manager at (212) 855-4155 or the undersigned at 212-855-5623.
Florence
Santiago
Manager
Enterprise Service
Center