UPDATE 1-US trade group has protocols in place in event of default
By Jessica Toonkel
NEW YORK Oct 16 (Reuters) - The U.S. Securities Industry and Financial Markets Association has set up a number of protocols to keep its members updated in the event of a U.S. government default, SIFMA officials said in a media call on Wednesday.
In the event the U.S. Congress is unable to reach a deal to renew the government's borrowing authority, which could lead to a U.S. default, the trade group still expects the U.S. Treasury to make timely payments on Thursday, said Rob Toomey, managing director and associate general counsel, on the call.
On Wednesday, the U.S. Senate announced a last-minute deal to avert a historic lapse in the government's borrowing ability and a potentially damaging debt default, and to reopen the government after a two-week shutdown.
In its call, SIFMA, whose members include large and small brokerage firms, banks and asset management firms, said it would monitor the situation closely. The organization is prepared to hold calls to update members about the status of such changes in the payment dates of Treasuries, if needed, Toomey said.
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