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Early Friday Settle, But When?

US
Upcoming Memorial Holiday weekend injecting some confusion over exactly when markets close, settlement times etc. Friday is an early close while US markets will remain closed for Monday. According to the CME Group, interest rate and foreign currency markets will settle at 1300ET. All other products will settle at their normal times, as detailed here:
  • Daily Settles
  • SIFMA on the other hand, is "recommending" 2PM ET close, but ADD: the "early close will not affect the closing time for settlements. 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."
  • That has come into play in the past where exchanges decided NOT to follow SIFMA recommendation.
  • That said, GLOBEX will remain open until 5pm ET Friday:
  • CME Holidays