NEW YORK, Oct 29 (Reuters) - The Securities Industry and Financial Markets Association (SIFMA) recommended on Monday that the U.S. bond market stay closed on Tuesday Oct. 30 due to Hurricane Sandy.
The market is scheduled for an early close at noon ET on Monday, per SIFMA's recommendations. The equity markets are closed Monday, though the industry has not yet decided whether to stay closed on Tuesday.
SIFMA said primary dealers will need to determine if they intend to provide limited staffing on funding desks on Tuesday, October 30, in order to accommodate any potential open-market operations by the Federal Reserve Bank of New York.
SIFMA is also recommending full closes for the trading of U.S.-dollar denominated government securities in Tokyo and London.
Firms, to the extent possible, will limit settlements on Tuesday, October 30.