Markets, banks to remain open on day of mourning

Banks and stock markets will be open on Sept. 19, the federal day of mourning for the death of Queen Elizabeth II, but bond market auctions are on hold.

TMX Markets announced that regular operating hours will be in effect on Monday for its various exchanges — the Toronto Stock Exchange, TSX Venture Exchange, and TSX Alpha Exchange — and that there will be no changes to the settlement schedule. The Bourse de Montréal said that derivatives markets will remain open too.

The Canadian Bankers Association (CBA) also said that it will be business as usual for the banks, which will keep normal operating hours.

“By keeping the banking system open, banks ensure the continuous functioning of payroll for workers, scheduled bill payments, child support, and mortgage closings,” it said in a release.

However, the Bank of Canada will be delaying the auction of 10-year Government of Canada bonds that had been scheduled for Sept. 19.

That auction will be pushed to Thursday, Sept. 22 — and the auction of five-year bonds that was slated for that day (Sept. 22) will now take place on the following Monday, Sept. 26.

All other central bank operations will continue as normal on the 19th, to support the payment and settlement systems, and financial markets, the central bank said. And to support monetary policy, the Bank of Canada will still conduct its usual securities repo and overnight reverse repo operations.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.