NEW YORK Oct 29 EMTA, the trade association for the emerging markets, on Monday recommended the closure of all trading in emerging market debt issues in the United States on Oct. 30 due to Hurricane Sandy bearing down on the U.S. East Coast.
The closure would be consistent with other U.S. fixed income markets.
Sandy is due to make landfall south of New York City in the early morning hours of Tuesday.
In addition, EMTA recommended that London trading of emerging market debt instruments should "remain open for business until 12:00 noon (London time)" on Oct. 30.
EMTA is recommending that all trades made on either Oct 29 or Oct 30 should settle on Nov. 2 while trades on Oct. 31 settle on Nov. 5, "in order to comply with the T+3 settlement cycle."