SIFMA today issued its 2025 and 2026 holiday recommendations for the trading of U.S. dollar-denominated fixed income securities in the U.S. and the U.K. All 2026 recommendations for Japan are subject to confirmation by the Bank of Japan. SIFMA will confirm its 2026 recommendations for Japan in 2025.

The recommendations apply to trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, 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.

SIFMA’s recommended early and full market closes are recommendations only; each member firm should decide for itself whether its fixed income departments remain open for trading. All SIFMA recommendations are subject to change due to market conditions. Early closes will not affect the closing time for settlements.

The full 2025 and 2026 holiday recommendations for the U.S. and U.K. are listed on SIFMA’s Website at https://www.sifma.org/resources/general/holiday-schedule.