LA Biz Observed: *Markets closed on Tuesday

*Markets closed on Tuesday

Mark Lacter • Bio • Email

An announcement by the New York Stock Exchange is expected shortly. Nasdaq has already announced plans to be closed as part of the national day of mourning for President Gerald Ford. There's been some talk about the markets just being closed for a few hours on Tuesday in order to avoid a four-day break from trading - the longest stretch since 9/11. Tradition is for the financial markets to be closed on the day of the presidential funeral. (President Bush has declared Tuesday the official day of mourning.) An unscheduled shutdown of the financial markets is a pretty big deal, what with pending trades and the routine movement of lots and lots of money. As it happens, the Securities Industries Association did a white paper in 2004 on unexpected market closings, which come in two varieties: unexpected but forewarned (such as presidential funerals) and unexpected and spontaneous (such as a terrorist attack). Basically, the idea is to figure out how to deal with unresolved open trades and settlements.

*Update: As expected, the NYSE announced this morning that it will be closed on Tuesday. AP

5:35 PM Thursday, December 28 2006 • Link
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