Exchange Holidays: There are eight days each year on which the New York Stock Exchange is closed for business. No trading or settlement of NYSE securities is conducted. Trading on most domestic exchanges and markets follow suit. However, you should check with your firm's Human Resources Department to verify your particular firm's policies with regards to these Exchange Holidays.

Fed Holidays: In addition to the eight New York Stock Exchange closings there are typically one or more Fed Holidays on which the Federal Reserve, the Depository Trust Company and all other related banking organizations are closed, thus preventing the movement of cash and securities in accordance with the trade settlement process. Most exchanges and markets remain open and the day contitutes a valid Trade Date - However, because all settlement organizations are closed there is no trade settlement. It is advised that you should check with your firm's Human Resources Department to verify your particular firm's policies with regards to Fed Holidays.