Unexpected National Holiday Question

schizo said:
What I don't understand and still don't make sense to me is why Wall Street (stock, futures and forex markets) is closed on national holidays. They should not observe national holidays. They are the fucking least patriotic of the bunch. All they've done throughout the history was added chaos and fear, and ultimately more debt to the national coffer.
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I am guessing the stock markets close because the banks are closed. Some US Futures like equities do not close, they get a 4 hour break, like today. Forex? I thought that was all 24/7?
 
Overnight said:
I am guessing the stock markets close because the banks are closed. Some US Futures like equities do not close, they get a 4 hour break, like today. Forex? I thought that was all 24/7?
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That wasn't the point. Don't be so obtuse. :rolleyes: Anyway, don't wanna hijack this thread over unpatriotic a-holes who are patriotic only in name.
 
Pekelo said:
ChatGPT:

"
If the stock market is closed due to a state funeral or any other reason, trading in the stock market will be suspended for the duration of the closure. This means that stock options cannot be traded, exercised, or assigned during this period.

However, the specific rules for stock options may depend on the terms of the option contract and the exchange on which they are traded. Some exchanges may have specific rules in place for situations like market closures, which may affect the expiration date or the ability to exercise options.

In general, it is best to consult the terms of the specific stock option contract or seek advice from a financial professional for guidance on what happens to stock options during a market closure."
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This is the best it could do? That answer sucks. Why not give an example of a specific rule regarding a specific contract, not tell us what what we already know.
"The markets are closed and options don't trade."
"Consult a professional." ... :banghead:
No wonder it wants to marry a NYT reporter.
 
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vanzandt said:
This is the best it could do?
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An AI is as smart as the people programming it.

Anyhow, my guess is that since they are gonna announce it in advance, they will use the previous day's closing prices. Now if the market closes in an emergency fashion (like 9/11) they use the following day's opening prices.

This is the best info from Reddit:

https://www.theocc.com/getmedia/8d6...6a09be7/unscheduled-market-closings-guide.pdf

Equity and ETF/ETN Options

If an outage or other event at either an underlying or option exchange prevents OCC from obtaining a closing price for a product, OCC will apply OCC Rule 805 in assigning a settlement price. OCC Rule 805 permits the use of the last available sale price during regular trading hours on the most recent trading day for expiration processing for equity and ETF/ETN options.

So previous day's closing price. There is a schedule for index options in the above link.
 
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vanzandt said:
This is the best it could do? That answer sucks. Why not give an example of a specific rule regarding a specific contract, not tell us what what we already know.
"The markets are closed and options don't trade."
"Consult a professional." ... :banghead:
No wonder it wants to marry a NYT reporter.
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Well, it was an unexpected question.
 
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