WASHINGTON, February 10, 2016 – The winter cluster of U.S. national holidays concludes Monday with the celebration of what’s now rather meaninglessly called “Presidents’ Day.” This homogenized holiday, which apparently honors all our past presidents including the rotten ones, somehow replaced the more meaningful “Washington’s Birthday” holiday due to an act of Congress back in the day. It’s just another day off from work for most people now, and conveniently helps us to forget that the Father of Our Country really was an important, revolutionary and historical guy.
At any rate, Presidents’ Day is what it is today. For traders and investors—and bankers, too—it’s a Federal holiday, which means a welcome day off from the daily drudge of making (or losing) money in stocks, bonds and (for the banks) loans.
Like all Federal holidays, this one has a bumper effect on when and where you can trade, what days trades will settle on and so forth. So here’s the deal, which also includes the national Family Day Holiday in Canada since it also occurs on the same day:
Monday, February 15, 2016:
All U.S. markets (equity, options, and fixed income) will be closed in observance of Presidents’ Day. In addition, no pre-market or after hours trading will take place on the holiday.
All Canadian markets will also be closed on Monday, February 15, 2016 in observance of Family Day. Orders for Canadian equities placed after the U.S. market close on Friday, February 12, 2016 will route to Canadian exchanges on Tuesday, February 16, 2016.
Remember that regular way settlement of stock trades takes three business days. Since Monday won’t be a business day, take that into account when making cash available to settle a “buy” trade or when expecting cash availability from a “sell” trade.
Have a happy and safe Presidents’ Day (U.S.) or Family Day (Canada).