Delayed compensation accrues on loan market trades that do not settle within a set number of business days after trade date. “Business Days” do not include Saturdays, Sundays or any day the Federal Reserve Bank of New York is closed.
With adoption of the new LSTA trade confirmations which became effective on May 2005, either the New York Stock Exchange or the New York Fed closings will also be treated as loan market "holidays" for purposes of calculating the start date for delayed compensation.
The LSTA’s recommended holiday schedule for calculating delayed compensation can be found below:
2010 Holidays Observed
| New Year’s Day |
January 1 |
| Martin Luther King Day |
January 18 |
| Presidents Day |
February 15 |
| Good Friday |
April 2 |
| Memorial Day |
May 31 |
| Independence Day |
July 5 |
| Labor Day |
September 6 |
| Columbus Day |
October 11 |
| Veterans Day |
November 11 |
| Thanksgiving Day |
November 25 |
| Christmas Day |
December 24 |
The New York Fed's 2010 Holiday Schedule can be found by clicking here.
Click here for the NYSE Holiday Schedule.