WASHINGTON, Oct. 8, 2015 – Columbus Day weekend comes a bit early this year. But, as always, whenever we run into a federal holiday, normal trading hours are adjusted. That’s crucial if you’re planning one or more key trades or are looking for the date when your trade will settle — i.e., the day when you can withdraw your money if you need it.
With that in mind, this year’s official celebration of Columbus Day falls on Oct. 12. What’s a bit unusual is that it’s still a regular trading day, but not a settlement day. That is, you can trade, but certain trades from this week can’t settle on Columbus Day (Monday), since it’s a federal bank holiday, meaning that all banks are closed. Another complication for Canadian and some international traders: Monday also happens to mark Canada’s own Thanksgiving Day Holiday.
Here’s how all this will work:
U.S. markets: Open for regular business on Columbus Day. It’s a trading day, but not a settlement day. Those transacting business this week and expecting to withdraw cash next week will have to wait an extra day.
Due to the Canadian Thanksgiving Day holiday, U.S. and Canadian trades involving Canadian markets will be affected as follows:
Canadian exchanges are closed Oct. 12. GTC (good ‘til canceled) orders placed after the close of the U.S. Market on Friday, Oct. 9, will route to the Canadian exchanges on Tuesday, Oct. 13. Day orders for Canadian listed securities placed after the close of business on Oct. 9 for Oct. 12 will be cancelled out at the end of the day on Oct. 12. Dually listed Canadian stocks that trade in the U.S. markets will trade during U.S. market hours on Oct. 12.
Check with your broker for further details.