Delayed Compensation compensation accrues on loan market trades that do not settle within a set number of Business Days after the trade date. “Business Days” do not include Saturdays, Sundays, or any day the Federal Reserve Bank of New York is closed.  In addition, solely for the purposes of calculating the start date for delayed compensation, a Business Day excludes any day on which the New York Stock Exchange is closed.  The attachment lists the upcoming 2025 loan market holidays.

The New York Fed’s 2025 Holiday Schedule can be found by clicking here

Click here for the 2025 NYSE Holiday Schedule