FIA has created this page for members as a resource for information related to market closures caused by Her Majesty Queen Elizabeth II’s State Funeral on Monday 19 September.
The accompanying text is a non-exhaustive list of governmental and exchange announcements that may be of interest to participants in futures and derivatives markets. Nothing on this page should be taken as legal advice and members should consult their legal and other professional resources on individual needs.
- The U.K. government announced that Monday 19 September has been declared a national bank holiday.
- The U.K. government has also announced Mourning and Condolence arrangements and National Mourning Guidance for proper observance of the Queen's passing.
- The Bank of England has made the following announcement regarding operational arrangements.
- The Bank of England has also postponed a planned announcement by its Monetary Policy Committee on interest rates until noon on September 22.
- The London Bullion Market Association has announced trade in precious metals in London would be suspended on 19 September. London Precious Metals Clearing Limited (LPMCL) will be closed, and there will be no AM or PM auctions for LBMA Gold and LBMA Silver prices.
- ICE Futures Europe has issued the following circular announcing that on 19 September there will be a bank holiday for its GBP denominated financial and soft commodity contracts. However, please note that ICE Futures UK NBP natural gas and UK Base and Peak electricity futures contracts, which are also GBP denominated, will remain open.
- ICE Clear Europe has published the following circular covering GBP VM arrangements: C22106.pdf (theice.com).
- ICE Clear Credit has released a circular stating that "price submissions will be required for all product groups at their normal time."
- ICE Futures US has announced delayed opening for coffee, cocoa and sugar contracts on 19 September.
- ICE Clear US has announced changes to final settlements for GBP and AUD in observance of market closures on these dates. Final (EOD) settlements for GBP on Monday 19 September will have a value date of Tuesday September 20. Final (EOD) settlements for AUD on Thursday 22 September will have a value date of Friday 23 September.
- LCH Ltd have announced GBP and AUD currency holidays scheduled for 19 September.
- LCH RepoClear has issued a notice stating the service will be closed on 19 September and trades will not be registered on this date.
- LCH EquityClear has announced that LCH Ltd will be open as usual but there will be no settlement in Euroclear UK and International (EUI) on 19 September.
- LSE has announced it will be closed on 19 September in observance of the State Funeral.
- Cboe has announced its Europe Equities London market segment and Cboe Europe Derivatives UK 100 product will be closed on 19 September.
- CME Group has published a Special Executive Report regarding the impact of the 19 September bank holiday on interest rate, equity index and energy contracts.
- CME Group has also published processing changes that will take place for physically delivered futures for CBT September 2022 MAC Swap Futures and MAC SOFR Swap Futures, and for NYMEX September 2022 UK NBP Natural Gas Daily (NBD) Futures.
- CME Clearing has published a notice for clearing member firms noting, among other things, its last trade date for LIBOR based futures and options like Eurodollar Quarterly “ED” scheduled for 19 September will be moved to Friday 16 September.
- EEX has announced a modification of its trading schedule to reflect the State Funeral, including new trading and delivery schedules for Gas Spot.
- ASX has announced that, in line with Australia's National Day of Mourning on 22 September, both ASX Trade (equities) and ASX 24 (futures) markets will be closed on that day for Australian products.
- LME has announced that its office will shut on 19 September and the first Ring trading session will not take place on this date. However, its notice states "the Bank Holiday [Monday 19] shall constitute a Business Day for the purposes of the LME and LME Clear Rules" and that "the second Ring session (i.e. from 12:30 to 13:15 London time, after the scheduled funeral service) shall take place, and the Official Prices shall be determined, as normal." FIA advises reading the notice in full for additional detail.
- Turquoise Global Holdings has announced the AIMX, XLON and XLOM markets will be closed on 19 September.
- TMX has announced a change to the last trading day for their September 2022 three-month Bankers Acceptance futures and options contracts.
- The Canadian Derivatives Clearing Corporation (CDCC) has advised all clearing members that it CDCC will be open for trading on Monday, September 19, 2022 and regular operating hours will be in effect for all products.
- NZX has announced it will be closed on 26 September, a national public holiday to honour the passing of Queen Elizabeth II. All NZX operations will resume on 27 September.
- FEX Global has announced it will be closed 22 September in observance of the Australian Government’s announcement of a National Day of Mourning and Public Holiday.
