EMCC Important Notice #445

No.	445
Date:	January 7, 2005
To:	All Members
From:	Marc Lambkin
Subject:	Martin Luther King, Jr. Day – Holiday Schedule

Pursuant to EMTA’s recommendations, Emerging Markets Clearing Corporation (EMCC) will be closed Monday, January 17, 2005 in observance of Martin Luther King, Jr. Day.

Martin Luther King, Jr. Day – January 17, 2005

Validation and Comparison

Trades received by EMCC after 3:00 pm on Friday, January 14th, and on Monday, January 17th, will be processed for trade validation and comparison. Therefore, the following reports will be provided:

Acknowledgment Reports (ACK/NAK reports)
Trade Comparison Reports

Clearing Fund, Margin Calculation and Other Reporting

Because of the US bank holiday, margin cannot be collected on Monday, January 17th. Therefore, any trades received:

After 3:00 pm on Friday, January 14th, and
On Monday, January 17th

will not be included in any clearing fund calculation, reported on an Accepted Trades Report, or be eligible for trade guarantee until Tuesday, January 18th.

The following reports will not be provided on Monday, January 17th:

Accepted Trades Report
Settlement Instructions Only Report
Reject Report (This report is a recap of the negative Acknowledgment Reports – NAKs – that will be provided.)
Margin Reports

Settlement

EMCC’s settlement processing schedule at Euroclear will be affected only on Monday, January 17, 2005, as follows:

EMCC trades that would normally settle on Monday, January 17, 2005, will be rescheduled to settle on Tuesday, January 18th. EMCC eligible trades showing a January 17th Settlement Date will be automatically modified to reflect the new Settlement Date of January 18th.

Reproduced below is the EMTA recommended settlement schedule for this time period:

     Trade Date      Settlement Date
     Jan. 10, 2005     Jan. 13, 2005
     Jan. 11, 2005     Jan. 14, 2005
     Jan. 12, 2005     Jan. 18, 2005
     Jan. 13, 2005     Jan. 19, 2005
     Jan. 14, 2005     Jan. 20, 2005
     Jan. 17, 2005*    Jan. 20, 2005
     Jan. 18, 2005     Jan. 21, 2005

*For trades that are entered into on this date.

Questions or comments concerning this notice may be directed to Loretta Stack at +1 (212) 855-1681, International Services in New York at +1(212) 855-1669 or to DTCC’s London office at +44 (0) 207-444-0418.