Holiday Data Service®

What is the difference between an “alert” and an “update”?

Alert emails are sent to all HDS subscribers in the event of a holiday revision to a date that is imminent or urgent. In such cases, it may not be possible to generate files and update FTP sites in a timely manner. We send alerts in these circumstances to allow subscribers to take immediate action on the new information or to make manual adjustments to their systems, if this capability exists.

Update files do not accompany alerts. Update files will follow alerts in due course. Possible reasons for an alert include:

  • political crisis or emergency
  • natural disaster
  • workers’ strike
  • short-notice change to Islamic or other lunar-based observance

Update emails provide notification that update files have been delivered to your FTP site (or via email). Update emails include details about all changes that have occurred in your files since the previous update. Updates do not follow any pre-determined schedule. They are delivered when and as holiday revisions are necessary. In general, you may expect to receive updates every 2-3 weeks, or more frequently during the latter part of the year when many countries declare the following year’s holidays.

How do you gather your information? What are your sources?

Our sources include central banks, banking and financial market associations, exchanges, government offices, and other authorities who may be responsible for holiday declarations. We contact our sources via email, website inquiries, and/or telephone to confirm holiday schedules on a quarterly basis. In addition, we conduct daily reviews of news sources to identify events that could potentially affect holiday closures.

What does an asterisk next to a holiday/event name signify?

Any holiday/event name that has an asterisk next to it indicates that the date shown is an estimate and may vary by +/- 1 day. These are dates that are derived by converting from a non-Gregorian calendar (e.g., Muslim or Hindu) to the Gregorian calendar. These dates cannot be determined in advance with absolute accuracy, even by the governing authorities. In the case of Muslim dates in particular, the feast days are determined by visibility of a new moon. We monitor these dates very closely as they draw near, and update our database accordingly

What do the letters in the “FileType” field signify? How are holiday “categories” defined?

File type C (Currency/FX market holidays)

The foreign exchange market for the specified currency is closed. No fixing rate is published. Generally, central bank and/or large-value payment systems are closed and interbank payments are not possible.

File type B (Bank/financial centre holidays)

Banks throughout the specified city are closed. Retail and domestic payments may not be possible.

File type T (Exchange trading holidays)

The specified market is closed for trading; therefore, price settlement data are not published. (Please note: in cases where electronic trading schedules are supplied separately from floor trading, the latter should be used to determine business and settlement data holidays.)

File type S (Exchange settlement holidays)

Relates to cash settlement and clearing of trades; settlement of trades may not be possible because:

  • The banks are closed.
  • The clearing agency is closed.
  • The specified market is closed.
  • Some combination of the above.

What does “HLF” in the holiday name/event or holiday type field mean?

HLF means “half-day”, or more precisely, a “partial day”. HLF indicates that regular schedules for this day are revised or altered from the normal routines (e.g., a late open or early close). By default, HLF/partial days are omitted from holiday files. If you wish to include them in your files, please let your account manager know.

What is a CentreID?

CentreID is a numeric id which we assign to each centre. A unique identifier for each calendar can be created by combining the centre ID with FileType. For example, the CentreID for New York Stock Exchange is 808. Therefore, the holiday calendars for NYSE can be identified as 808S (for exchange settlement) or 808T (for exchange trading).

What does OBS mean when it follows a holiday name/description?

OBS is automatically added to an event name in cases where a fixed-date holiday is observed on a date other than its usual fixed date (for example, if Christmas (25-Dec) falls on the weekend, and it is observed on the following Monday). Please note, OBS is used only when the movement rule is known. In such cases, the rule is already built into the formula for a particular holiday. It sometimes occurs that an additional holiday may be declared in observance of an existing holiday which does not have a fixed move rule. Such exceptions will not show up as “OBS.” They will simply show up as separate events.

Are there move rules relating to holidays (e.g., if a holiday falls on a Sunday, is it observed on the following Monday)?

The rules governing holiday observances vary depending on the country. Wherever we have been able to determine rules, we have built them into our database so that dates in the future are calculated automatically. If a holiday has been moved from the weekend to an alternate date, the holiday name will be appended with “OBS” to indicate that this date is the observed date.

Some countries have very straightforward, predictable laws to determine their holiday schedules, while others declare holidays on a year-by-year (sometimes month-by-month) basis. We use very reliable calendar conversion programs and analysis of historical data to predict holidays that have not yet been “officially” declared by central banks and/or governments. Our research team continuously monitors and confirms holiday data on an ongoing basis, paying extra attention to those countries where the holidays are highly variable (for example, Muslim countries).

What do the fields in my data files represent?

For a description of various fields and their content, please refer to the DDL file included with your introductory package. If you are receiving a non-standard format, please ask your account manager for details regarding your specific format.

Payment system holidays

Our currency/FX market holiday category reflects FX (foreign exchange) market holidays. With few exceptions, FX market holidays correspond to payment system holidays. We are aware of the following countries where payment system holidays differ slightly from FX market holidays:

Australia (AUD)

The Australian FX market is closed on Sydney bank holidays. However, the national payment system is closed only on national holidays and is open for non-FX settlements on two bank holidays that are specific to Sydney. If you require non-FX payment system holidays, please request the calendar for “Australia RITS.”

New Zealand (NZD)

The New Zealand FX market is closed on Auckland and Wellington bank holidays. However, the national payment system is closed only on national holidays and is open on Auckland and Wellington provincial anniversary days. If you require non-FX payment system holidays, please request the calendar for “New Zealand Austraclear and ESAS.”

India (INR)

The Indian FX market is closed on all Mumbai bank holidays. However, the payment system is closed only on national holidays. If you require non-FX payment system holidays, please request the calendar for “Reserve Bank of India RTGS.”

Canada (CAD)

The Canadian FX market is closed on Toronto bank holidays. However, the national payment system is closed only on national holidays. If you require non-FX payment system holidays, please request the calendar for “Canadian Payments Association.”

Israel (ILS)

The ILS calendar included in our main currency category should be used to determine value dates for non-deliverable forward contracts (NDFs). If you require the calendar for deliverable contracts (spot or forward), please request the calendar for “ILS ZAHAV payment system days”. Alternatively, you may use the calendar for Tel Aviv bank holidays, which is same as ZAHAV holidays.

Korea (KRW)

The Korean FX market is, by convention, closed on 31 December (or the last business day of the year). However, the national payment system and banks are open on this date. If you require non-FX payment system holidays, please request the calendar for “Bank of Korea BOK-wire.” Alternatively, you may use the calendar for Seoul banks.

Russia (RUB)

The Russian FX market is, by convention, closed on 31 December (or the last business day of the year). However, the national payment system and banks are open on this date. If you require non-FX payment system holidays, please request the calendar for “Russia Payment System.” Alternatively, you may use the calendar for Moscow banks.

Israel (ILS)

The currency calendar for ILS reflects the days when the Bank of Israel does not publish fixing rates. This calendar affects the FX forward market for ILS. For spot market holidays, please refer to the calendar for Tel Aviv banks, or you may request the calendar for ILS ZAHAV payment holidays.

Please let your account manager know if you wish to replace existing FX holiday lists for these currencies with the relevant payment/clearing system holidays. Please note payment/clearing system holidays are identified in our database as category type “P”.

ISDA non-business days

ISDA business days are defined as any day when the banks and currency payment system are both open. If either entity is closed on a particular day, then the day is considered a non-business day. So, for example, in the case of Eurozone cities, ISDA non-business days are determined by combining the holiday list for the relevant city with the EUR (TARGET) holiday list (e.g, for French non-business days, combine Paris bank holidays + EUR (TARGET) holidays).

Country/public holidays

Generally, the terms “country” or “public” holidays are not practical because these terms are not easily defined or clarified. In most parts of the world, there are many different terms and criteria used to define holidays (e.g., national, federal, state, regional, municipal, government, school, etc. etc.) We cannot reliably and consistently confirm such varying data with any confidence. For this reason, our business has retained its focus on financial markets. We do not report government, school or other types of holidays.

The holiday data provided for any specified centre applies to the specified centre and may or may not also apply to other related centres in the same country. For example, Good Friday is a holiday for the New York Stock Exchange, but it is not a holiday for New York banks and US dollar. Therefore, Good Friday is marked as an exchange holiday, but not a bank or currency holiday. The term “country” or “national” holiday has no significance in this context.

U.S. market move rules

The move rules for fixed-date holidays for U.S. markets are as follows:

Banks/currency

If holiday falls on Sunday, banks are closed on Monday. If holiday falls on Saturday, banks are OPEN on preceding Friday. (FRB schedule).

Exchanges

If a holiday falls on a Sunday, exchanges are closed on Monday. If a holiday falls on Saturday, exchanges are closed on the preceding Friday UNLESS unusual business conditions exist, such as the ending of a monthly or yearly accounting period. Since December 31 is the end of an accounting period, the exchange remains open.

SIFMA holidays

SIFMA is the Securities Industry and Financial Markets Association in the United States. SIFMA publishes holiday recommendations for global bond markets. These are recommendations only, which a market may or may not observe. Please note SIFMA holidays are identified in our database as category type “X”. Please advise your account manager if you require SIFMA holidays.

US public vs. financial holidays

Since there is no consistent regulation from state to state on this matter, each state defines holidays differently. Some states have state-wide holidays that apply to all businesses, banks, government offices and/or services, and schools. Other states may have different holidays for each of these segments.

Our database currently focuses on financial market holidays, which in the U.S., are consistent throughout the country. New York Federal Reserve holidays apply to all Federal Reserve banks and electronic payment systems, regardless of which state they are located.

What is your source for country codes?

We use ISO 3166 for our country codes.

What is your source for currency codes?

We use ISO 4217 for our country codes.

What is a UN/Locode?

A UN/Locode is the United Nations Code for Trade and Transport Locations, as designated by UNECE.

The unique identifier for a city can be derived by combining the 2-digit ISO country code and the 3-digit location code.

Which category should be used to identify settlement holidays for derivatives contracts?

Price settlement data for derivatives contracts are calculated based on trading activity of the contract; therefore, to determine price settlement holidays, please refer to the trading holiday schedule (file type T) for the underlying market where the relevant contract resides. In the case of contracts that are traded electronically on exchange holidays, please refer to the main trading calendar for the relevant exchange to determine its holidays.

What is an MIC code?

An MIC code is a market identifier code, as designated by ISO 15022/10383.

Why do some MICs have a 3-letter extension?

A suffix code appended to an ISO code indicates a market segment that has a holiday calendar that varies from the main calendar for that exchange. For example, the code for Tel Aviv Stock Exchange is XTAE. The bond segment of TASE observes slightly different holidays than the main equity segment, so we have created a new code XTAE-BND to reflect bond holidays. In some cases, ISO assigns a unique code for a market segment within an exchange (e.g., XKRX is the code for KRX Korea Exchange, while XKFE is the code for the futures market on KRX). We will always use an existing ISO code, if one exists. If ISO has not assigned a separate code for a market segment that requires one, then we will create one by adding a 3-digit suffix to the main ISO code for that market.

Why does the exchange display a different country code than is represented by the holiday schedule?

In the case of electronic markets, we place the market in the country out of which trading takes place. For example, in the case of MTS, some markets trade out of Brussels, while others trade out of London.

In our database, it is important that we place markets in the locations where they trade from, since we also maintain trading hour schedules. For example, MTS Finland trading schedules are provided in Brussels time, so we need to be sure to place it in the correct time zone.

My Account

How do I access my complimentary pass to MarketHolidays.com?

Once your Holiday Data Service® account has been activated, your complimentry accouts are created upon request from the account holder. A “User Name” and “Password” for each account will be supplied by email.

I cannot access my account?

Please confirm that your account has not expired and that you are using the “User Name” and “Password” supplied.
If you are still having problems, please contact us using our automated form for assistance.

How do I change my account details?

Click on your email address (top, right corner next to “Sign Out”) to edit your personal settings, set your time zone or change your password.

If your email address has changed, or you need assistance with another matter, please contact us using our automated form for assistance.

About Copp Clark

Who is Copp Clark?

Copp Clark is the authoritative source for information on holiday observances affecting world financial markets. Our trading hours, early closing and holiday reference data is trusted and recognized globally as the market standard. We ensure transactional integrity in trading and back office venues everywhere.
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Who are our clients?

Our clients include some of the largest corporations around the world as well as smaller organizations. Our clients include major financial institutions, banks, traders, middle and back office, FX Markets, Risk Management, Treasury Systems, Fund Managers, Financial advisers, etc.