President Biden has designated January 9th as a National Day of Mourning in honor of the memory of former President Jimmy Carter. The LSTA recommends treating Thursday, January 9, 2025, as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation.

Delayed compensation accrues on loan market trades that do not settle within a set number of Business Days after the trade date.  A Business Day means any day that is not a Saturday, a Sunday, or any other day on which the Federal Reserve Bank of New York is closed.  In addition, solely for purposes of determining the Commencement Date to calculate delayed compensation, Business Day excludes any day on which the New York Stock Exchange is closed.  The New York Stock Exchange will be closed on Thursday, January 9th, in observance of the National Day of Mourning.

Click here for the upcoming 2025 Loan Market Holidays.