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Wall Street Moves to Close Markets for Juneteenth in 2022

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Stock and bond markets are moving toward shutting down in honor of Juneteenth next year.

The Securities Industry and Financial Markets Association recommended this week that bond markets close for the full day on Monday, June 20, 2022, in observance of the new federal holiday that falls on a Sunday next year. Juneteenth commemorates the end of slavery in the U.S.

The biggest Wall Street banks are all members of Sifma, so the financial industry typically follows the group’s recommended holiday schedules.

Stock exchanges close for many federal holidays but remain open for some, such as Columbus Day and Veterans Day.

In a speech last month, New York Stock Exchange Chief Operating Officer

Michael Blaugrund

indicated that the Big Board would close for the new federal holiday. NYSE President

Stacey Cunningham

decided the exchange would adopt Juneteenth as a market holiday beginning in 2022, Mr. Blaugrund said to an audience that included former New York Gov.

David Paterson

and guests from the NAACP.

The NYSE has been reaching out to market participants to seek consensus on Wall Street’s plans for the holiday, a person familiar with the matter said. Sifma’s recommendation presents an opportunity to coordinate the equity and bond market calendars, this person added.

Decisions on stock-market holiday schedules are made by all U.S. stock exchanges in coordination with regulators. Besides the NYSE, which is owned by

Intercontinental Exchange Inc.,

a half dozen other companies operate stock exchanges in the U.S. These include

Nasdaq Inc.

and

Cboe Global Markets Inc.

President Biden signed the Juneteenth National Independence Day Act into law Thursday, creating the first new federal holiday in nearly four decades. WSJ’s Patrick Thomas explains how the signing could be a catalyst for more firms to observe the holiday. Photo: Evan Vucci/Associated Press (Video from 6/17/21)

Discussions are under way among the exchanges about whether to incorporate Juneteenth into their holiday schedules next year, a person close to the exchange industry said. A Cboe spokeswoman said the exchange operator would coordinate with the industry to recognize Juneteenth in the U.S. markets in 2022.

President

Biden

signed a bill last month making Juneteenth a national holiday, after the legislation passed Congress with bipartisan support. It was the first federal holiday created by Congress since 1983, when lawmakers designated the third Monday in January as Martin Luther King Jr. Day.

Juneteenth marks the 1865 date when Maj. Gen. Gordon Granger arrived with federal troops in Galveston, Texas, and issued an order informing the last enslaved people in Texas that they were free.

Write to Alexander Osipovich at alexander.osipovich@dowjones.com

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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