Trading day clause: Copy, customize, and use instantly
Introduction
A trading day clause defines the days on which trading activities, such as the buying and selling of securities, are considered to take place under the terms of an agreement. This clause is typically used in financial contracts to ensure clarity on the definition of "trading day" and to establish how business days and holidays are handled in the context of trading or settlement dates.
Below are templates for trading day clauses tailored to different scenarios. Copy, customize, and insert them into your agreement.
Standard trading day clause
This version defines the basic definition of a trading day.
A "Trading Day" refers to any day on which the New York Stock Exchange (NYSE) or any other principal exchange for trading securities is open for trading and not subject to a holiday or suspension of trading. For the purposes of this agreement, if a scheduled Trading Day falls on a weekend or public holiday, the following business day will be considered a Trading Day.
Trading day clause with specific exchange reference
This version specifies a particular exchange for trading day purposes.
A "Trading Day" refers to any day on which the [Exchange Name] is open for trading. If such exchange is closed due to a public holiday, weekend, or other reason, the next available business day when the exchange reopens will be considered a Trading Day.
Trading day clause with exclusion of non-market hours
This version excludes non-market hours from being considered a trading day.
A "Trading Day" shall refer to any calendar day during which the relevant exchange or market is open for trading, from the opening bell until the market closes. For the purposes of this agreement, any hours outside the market's official trading hours shall not be considered part of a Trading Day.
Trading day clause with adjustment for holidays
This version includes adjustments for holidays that affect trading days.
If a Trading Day falls on a public holiday or is otherwise unavailable due to a market closure, the following business day shall be deemed a Trading Day. In the event of market closures that extend beyond one day, the next available market opening will be considered the Trading Day.
Trading day clause with international market consideration
This version includes international market consideration for global agreements.
A "Trading Day" refers to any day on which the relevant stock exchanges, including [International Exchange Name], are open for trading. In the case of time-zone differences or regional holidays, each market’s local operating days will be used to define Trading Days for applicable transactions.
Trading day clause with definition of settlement day
This version defines both Trading Day and settlement day.
For the purposes of this agreement, a "Trading Day" is any day when the relevant exchange is open for trading, excluding public holidays. The "Settlement Day" shall be the Trading Day following the Trade Date, unless otherwise specified in the agreement or dictated by market conditions.
Trading day clause with adjustment for early closures
This version adjusts for early market closures.
A "Trading Day" means any day when the relevant market is open for trading for a full session. If the market closes early due to holidays or unforeseen circumstances, such day shall be considered a Trading Day, but any activities after the early closure shall not be processed until the next full Trading Day.
Trading day clause with calculation of time-sensitive actions
This version relates to time-sensitive actions and deadlines.
If any action under this agreement, including but not limited to payments, notifications, or other obligations, is due on a Trading Day, such obligation shall be deemed fulfilled if completed before the market closes on that day. If such actions are due on a day the exchange is closed, the next available Trading Day will be considered the deadline.
Trading day clause with weekly and bi-weekly trade schedules
This version defines a trading week or bi-weekly cycle based on trading days.
For the purposes of calculating trades, transactions, or payments on a weekly or bi-weekly basis, a "Trading Week" shall consist of all Trading Days from Monday through Friday, excluding public holidays. Any transactions that fall on a non-Trading Day shall be moved to the next available Trading Day.
Trading day clause with financial instruments' specific trading days
This version defines trading days for specific financial instruments.
For the purposes of this agreement, a "Trading Day" refers to a day when trading is actively conducted for the specific financial instrument, which may differ from the standard exchange hours for equity securities. These may include bond, commodity, or other specialized market hours.
Trading day clause with options and futures contract reference
This version relates to options and futures contracts.
A "Trading Day" for the purposes of options and futures contracts means any day on which the options or futures exchanges are open for trading. If a Trading Day falls on a market holiday, the next available business day will be deemed the Trading Day for settlement purposes.
Trading day clause with emergency market closure provision
This version includes a provision for emergency closures.
If an exchange is closed due to unforeseen circumstances such as natural disasters or other emergencies, the company shall designate the next available Trading Day as the date for settlement of all transactions and obligations that were due on the closed day.
Trading day clause with non-working day exception
This version provides for exceptions for non-working days.
A "Trading Day" is any calendar day except for weekends and recognized public holidays. If an event, such as a stock split or dividend payment, is scheduled to occur on a non-working day, the event will be processed on the next available Trading Day.
Trading day clause with bank holiday adjustment
This version adjusts for bank holidays.
In the event that a Trading Day falls on a bank holiday, the following business day will be recognized as a Trading Day for the purposes of any transactions or obligations under this agreement.
Trading day clause with non-market period exclusion
This version excludes non-market periods from being a Trading Day.
A "Trading Day" is defined as any calendar day in which the relevant market is open for trading between [X] and [Y] hours, excluding any periods of market suspension, holidays, or non-market hours.
Trading day clause with specific date exclusions
This version excludes specific dates from being Trading Days.
The following dates shall not be considered Trading Days under this agreement: [list of dates], including but not limited to national holidays and other dates where the exchange is closed. Any obligations scheduled for these dates will be moved to the next available Trading Day.
Trading day clause with local market holiday consideration
This version considers local market holidays for certain agreements.
For any agreement involving transactions on local securities, the "Trading Day" shall refer to any day when the local securities exchange is open, with adjustments made for regional holidays that may affect the market's operation.
Trading day clause with timing of actions based on local time
This version ties actions to the local market time.
The timing for completing any transactions or actions within this agreement shall be based on the local time of the relevant exchange, with transactions completed before market close on a Trading Day considered to be executed on that day.
Trading day clause with adjustments for weekend and holiday trading
This version allows for trading adjustments due to weekends and holidays.
In the event that a Trading Day falls on a weekend or holiday and the relevant exchange operates for part of the day, such day shall still be considered a Trading Day. Any actions not completed during the partial trading period will be carried over to the next full Trading Day.
Trading day clause with day-specific market conditions
This version ties market conditions to specific days.
A "Trading Day" refers to any day when the relevant exchange is open for trading and normal market conditions prevail. If there is a suspension or disruption to trading, such day will not be considered a Trading Day, and the next day of full trading will be considered as the Trading Day.
Trading day clause with alternative holiday schedules
This version considers an alternative schedule for holidays.
In the event that the exchange is closed on a holiday other than a standard public holiday, the next business day will be considered the Trading Day for settlement purposes. The company will notify shareholders of such changes in advance.
Trading day clause with time-zone adjustments
This version accounts for time-zone differences.
For the purposes of this agreement, a "Trading Day" refers to any day on which the relevant market is open for trading in its respective time zone. Time-zone differences between the market and the parties involved in the agreement will be taken into consideration when calculating transaction deadlines.
Trading day clause with global market synchronization
This version includes synchronization for global markets.
A "Trading Day" will be defined by the open of the relevant securities exchanges on a global basis, and any market closures due to public holidays, natural events, or regulatory decisions will be accounted for to ensure accurate transaction processing across markets.
Trading day clause with currency market definition
This version applies to currency markets.
A "Trading Day" in this agreement refers to any day on which the relevant currency markets are open for trading. If currency markets are closed due to a holiday or other reasons, the next available business day will be considered a Trading Day for currency-related transactions.
Trading day clause with market suspension scenario
This version includes provisions for market suspension.
If trading is suspended on a Trading Day due to extraordinary circumstances, such as technical issues or a market-wide halt, that day will not be considered a Trading Day, and any obligations or deadlines falling on that day will be extended to the next available Trading Day.
Trading day clause with settlement date extension
This version allows for settlement date extension.
If a settlement or transaction deadline falls on a day that is not a Trading Day, the deadline will be extended to the next Trading Day. This ensures that all transactions are completed on an active trading day.
Trading day clause with extended trading hours consideration
This version includes extended trading hours for some agreements.
A "Trading Day" for the purposes of this agreement may include extended trading hours for certain securities or markets. Any trades made during extended hours will be considered part of the same Trading Day, provided they are executed before the official market close.
Trading day clause with definition of off-market days
This version defines off-market days in the context of trading.
A "Trading Day" does not include off-market days, which refer to weekends, national holidays, or other days when the relevant exchange is closed for trading. Any transactions scheduled for off-market days will be rescheduled for the next available Trading Day.
Trading day clause with impact of trading holidays
This version includes holidays that affect trading days.
On trading holidays, any obligations or actions that fall on a non-trading day will be moved to the next Trading Day. The company will provide shareholders with adequate notice regarding any changes in the trading schedule due to such holidays.
Trading day clause with settlement cycles based on trading days
This version ties settlement cycles to Trading Days.
The company’s settlement cycles will be based on the number of Trading Days following a transaction. For example, any transaction that occurs on a Trading Day will be settled within [X] Trading Days, excluding any weekends or public holidays.
Trading day clause with trading window for specific actions
This version includes a trading window for specific actions.
Specific actions or decisions under this agreement, such as the purchase or sale of securities, must be executed during a Trading Day within the designated trading window, defined as [X] hours per day, excluding weekends and public holidays.
Trading day clause with emergency suspension of trading
This version includes an emergency suspension of trading.
In the event of an emergency or market anomaly that results in the suspension of trading for a specific period, that day shall not be considered a Trading Day. The next available market session will be considered the Trading Day for any pending actions.
Trading day clause with minimum number of Trading Days for execution
This version sets a minimum number of Trading Days for execution.
Any transaction or obligation under this agreement must be executed within [X] Trading Days of the designated event. The minimum number of Trading Days required for execution will be calculated from the date the transaction is initiated.
Trading day clause with global holiday observance
This version includes global holiday observance.
If any Trading Day falls on a recognized holiday in any country where the company operates, the company will extend the deadline to the next available Trading Day in the country where the exchange operates, ensuring consistent global scheduling.
Trading day clause with flexibility for international operations
This version offers flexibility for international markets.
For international transactions or agreements involving foreign markets, the definition of "Trading Day" will be based on the local market calendar of the respective country. If a holiday falls on a Trading Day in any jurisdiction, the deadline will be extended to the next available Trading Day in that market.
Trading day clause with specific trading hours
This version defines specific trading hours.
A "Trading Day" for the purposes of this agreement means any day when the relevant market is open for trading during normal operating hours, from [X AM] to [X PM] local time. Any trades executed outside of these hours will be processed on the next available Trading Day.
Trading day clause with market opening and closing reference
This version refers to the market’s opening and closing hours.
A "Trading Day" refers to any day when the market is open, from the market’s opening to its closing. The market opening and closing times will be determined by the applicable exchange, and all trading activities must occur within these hours to be counted as part of the Trading Day.
Trading day clause with holidays excluded from trading calculations
This version excludes holidays from trading calculations.
Any public holiday, weekend, or market-wide holiday shall not be considered a Trading Day under this agreement. If any deadline falls on a holiday, the deadline will be extended to the next available Trading Day.
Trading day clause with adjustment for partial Trading Days
This version includes provisions for partial Trading Days.
In the event of a partial Trading Day, where the market is open for a reduced period due to unforeseen circumstances, any transaction or deadline falling within such a day will be considered to have occurred on the next full Trading Day.
Trading day clause with reference to foreign exchange market
This version applies to foreign exchange market operations.
For foreign exchange transactions, a "Trading Day" is defined as any day when the foreign exchange market is open for trading, excluding weekends and national holidays recognized by the relevant foreign exchange market.
Trading day clause with early closure due to market conditions
This version includes provisions for early market closure due to extraordinary events.
In the event that the relevant exchange closes early due to market conditions, such as extraordinary volatility or natural disasters, the company will consider the early closure as a Trading Day. Any actions not completed during the shortened trading hours will be carried over to the next available Trading Day.
Trading day clause with consideration for different time zones
This version considers different time zones in global agreements.
A "Trading Day" for international transactions is any day when the relevant exchange in each respective time zone is open for trading. Each party must consider the local time zone when calculating transaction deadlines.
Trading day clause with pre-set settlement dates
This version uses pre-set settlement dates based on Trading Days.
All transactions under this agreement will have a pre-set settlement date, calculated as [X] Trading Days after the trade date. If the settlement date falls on a non-Trading Day, it will be adjusted to the next available Trading Day.
Trading day clause with adjusted weekends and holidays for specific markets
This version adjusts for weekends and holidays in specific markets.
For trades involving international markets, the Trading Day will be adjusted based on each market’s specific weekend and holiday calendar. If a transaction is scheduled for a non-Trading Day, it will be processed on the next available Trading Day.
Trading day clause with automatic delay for non-available Trading Days
This version includes automatic delay for non-available Trading Days.
If any obligation or action under this agreement is scheduled to occur on a day that is not a Trading Day, the obligation will be automatically delayed until the next available Trading Day, without the need for additional notification or action from either party.
Trading day clause with international public holiday adjustment
This version includes provisions for international public holidays.
If a Trading Day coincides with a public holiday in any country where the company operates, the transaction or deadline will be extended to the next available Trading Day, in accordance with the local market holiday schedule.
Trading day clause with settlement period based on market closure
This version extends the settlement period if the market is closed.
If the relevant market is closed for an extended period due to unforeseen circumstances, the settlement period for any pending transaction will be extended by the same length of time as the market closure. The transaction will be processed on the next available Trading Day.
Trading day clause with customized trading hours
This version defines customized trading hours for specific transactions.
The parties agree to define a customized set of trading hours for the purpose of this agreement. Any transaction or action taken outside of these defined hours will be processed on the next available Trading Day.
Trading day clause with exclusion of financial institution holidays
This version excludes financial institution holidays from Trading Days.
For the purposes of this agreement, any financial institution holiday where banks and other financial institutions are closed shall not be considered a Trading Day. Transactions affected by such holidays will be processed on the next available Trading Day.
Trading day clause with calculation of lead time for execution
This version includes the calculation of lead time for execution of actions.
The lead time for executing any transaction or action shall be calculated based on the number of Trading Days required for completion. This includes any delays due to non-availability of Trading Days, such as holidays or market closures.
Trading day clause with non-standard market hours
This version considers non-standard market hours for specific exchanges.
A "Trading Day" for the purposes of this agreement refers to any day when the relevant exchange, including those with non-standard market hours, is open for trading. This includes exchanges that operate beyond regular business hours or during extended trading sessions.
Trading day clause with non-Trading Day fallback plan
This version includes a fallback plan for non-Trading Days.
If any transaction or obligation is due on a non-Trading Day, such as a weekend or holiday, the transaction will be automatically moved to the next available Trading Day. Both parties will be notified of any adjustments to deadlines.
Trading day clause with local exchange holiday adjustment
This version adjusts Trading Days based on local exchange holidays.
If a Trading Day falls on a holiday recognized by the relevant exchange, the company will adjust the transaction or obligation to the next available Trading Day when the exchange is open.
Trading day clause with extension for exceptional market closures
This version extends deadlines for exceptional market closures.
In the event of a market closure due to extraordinary circumstances, such as a national emergency, the company will extend any relevant deadlines or actions to the next available Trading Day after the market reopens.
Trading day clause with short trading days due to economic events
This version addresses short trading days.
If the market is open for only a partial Trading Day due to economic events or regulatory decisions, such as shortened trading sessions, any transaction or obligation not completed during this partial day will be rescheduled for the next full Trading Day.
Trading day clause with extended weekends consideration
This version includes adjustments for extended weekends.
When a Trading Day falls on the day preceding an extended weekend or holiday period, all deadlines or obligations due on that day will be extended to the next available Trading Day, allowing for the market closure to be taken into account.
Trading day clause with holiday-specific settlement terms
This version adjusts settlement terms for holidays.
For transactions involving foreign markets or international transactions, the settlement terms will be adjusted in accordance with local holiday calendars. Any settlement that falls on a non-Trading Day will be moved to the next available Trading Day.
Trading day clause with market event-triggered suspension
This version includes provisions for market event-triggered suspensions.
If a major market event, such as a market-wide suspension or trading halt, triggers the suspension of trading, the day of suspension will not be considered a Trading Day, and any transaction deadlines will be extended until the market reopens.
Trading day clause with deferred settlement on extended holidays
This version allows for deferred settlement during extended holidays.
If a Trading Day falls during an extended holiday period, such as a long public holiday or international break, settlement for any outstanding transactions will be deferred to the next Trading Day once the holiday period ends.
Trading day clause with consideration for market opening delays
This version accounts for delays in market opening.
In the event that the relevant market opens later than the scheduled time on a Trading Day, the company will adjust any actions or obligations due on that day to reflect the delay. Transactions or obligations will be processed after the market opens.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.