The Securities Industry and Financial Markets Association
suggested that trading end at noon New York time in
dollar-denominated fixed-income securities in the U.S. because of
Hurricane Sandy, Bloomberg reported.
The recommendation applies to trading of government securities,
mortgage- and asset-backed debt, over-the-counter investment grade
and high-yield corporate bonds, municipal bonds and secondary money
market trading in bankers' acceptances, commercial paper and Yankee
and Euro certificates of deposit, the New York-based trade group
said in a statement posted on its website. The early close will not
affect the closing time for settlements.
The U.S. Treasury is scheduled to sell US$32 billion of
three-month bills and $28 billion of six-month bills at 11.30 a.m.
New York time. Due to "the weather forecast for the coming days"
the Treasury moved to today a four-week bill auction that was
originally scheduled for tomorrow, according to a Treasury
department statement on Twitter. The four-week bill auction will
close at 10.30 a.m. New York time.
The Federal Reserve is scheduled to sell $7 billion to $8
billion of Treasuries maturing from November 2015 through December
2015 at 11 a.m. The sales are part of the Fed's program to replace
short-term debt in its portfolio with longer-term Treasuries in an
effort to keep borrowing costs low.
Fed funds, the U.S. overnight inter-bank lending rate, opened
today at 0.17%, within the Federal Reserve's target of zero to
0.25%, after closing at 0.15% on Oct. 26, according to ICAP Plc,
the world's largest inter-dealer broker.
SIFMA will continue to monitor conditions to determine any
additional recommendations for tomorrow, according to the