Stock market holidays worldwide are the official non-trading days chosen by each exchange, not simply copies of a country’s public holiday list. That’s why exchange closures often diverge from national calendars and even from nearby markets—sometimes with half-days, weather suspensions, and daylight-saving quirks mixed in. Knowing the differences protects your trades, settlements, payrolls, and global schedules from avoidable surprises.

What makes an exchange holiday different from a public holiday?

Exchanges publish their own calendars based on operational, risk, and clearing considerations. These may reflect public holidays, but they don’t have to. For example, U.S. stock exchanges close on Good Friday—a day that isn’t a U.S. federal bank holiday—while remaining open on Columbus Day and Veterans Day, when U.S. banks are closed. The result: trading may be open when payments infrastructure is shut, or vice versa.

How exchanges decide their holiday calendars

Major venues (NYSE/Nasdaq, LSE, TSE, HKEX, NSE/BSE, Euronext, Xetra, ASX, JSE, Tadawul, and others) set calendars in consultation with regulators, clearinghouses, and market participants. Typical drivers include:

• Clearing and settlement availability: If central counterparties (CCPs) or depositories are closed, trading without timely settlement adds risk.
• Banking rails: Payment systems (e.g., TARGET2 in the euro area) may be offline even if an exchange could trade; without cash settlement, risk and funding issues rise.
• Local law and tradition: Some exchanges bake in culturally significant days or year-end breaks (e.g., Japan’s New Year period; Lunar New Year in Hong Kong and Mainland China).
• Market structure: Equity, ETF, fixed income, and derivatives can have different holiday lists or early-closing rules.
• Operational resilience: Extreme weather or emergencies can trigger ad hoc closures (e.g., Hurricane Sandy in 2012; typhoon and black rainstorm warnings in Hong Kong).
• Global benchmarks and coordination: Index rebalances and earnings cycles can influence holiday and early-close placement for orderly price discovery.

What “holiday” can mean in practice

• Full-day closure: No trading, no price discovery. Often applies to both cash equities and certain derivatives, but not always.
• Half-day or early close: Trading ends earlier (e.g., 1:00 p.m. local). U.S. equities often close early on the day after Thanksgiving and sometimes on July 3; the LSE and HKEX schedule early closes around Christmas/New Year or Lunar New Year.
• Session-specific changes: Some markets cancel the afternoon session (HKEX on certain eves), or modify call auctions.
• Weather/emergency suspensions: Temporary halts or full-day closures outside the planned calendar (e.g., HKEX under Typhoon Signal No. 8; NYSE during Hurricane Sandy).
• Asset-class divergence: Bond markets and equity markets can follow different rules on the same day; futures venues and OTC FX can operate when cash equities are closed.

Unsynchronized closures: examples around the world

North America

• U.S. equities (NYSE/Nasdaq): Closed on Good Friday (not a federal holiday). Open on Columbus Day and Veterans Day (federal bank holidays). Frequent early closes on the day after Thanksgiving and around Christmas Eve.
• U.S. fixed income: U.S. bond markets often close or observe reduced hours on federal bank holidays when equities are open, and follow their own early-close rules before major holidays.
• Canada (TSX): Closed on Good Friday; generally open on Easter Monday (a federal employee holiday but not a nationwide market holiday), creating an Easter Monday mismatch with Europe where many exchanges are closed.

Europe and the U.K.

• LSE and Xetra: Typically closed on both Good Friday and Easter Monday, plus U.K./German bank holidays.
• Euronext (Paris, Amsterdam, etc.): Commonly closes on Good Friday and Easter Monday; exact lists vary by venue and segment.
• Euro payments (TARGET2): Closed on Good Friday and Easter Monday among a short list of pan-euro holidays, limiting cash settlement even if a local venue is technically open.

Asia-Pacific

• Tokyo Stock Exchange: Closed for Japanese national holidays (e.g., Golden Week, Marine Day) and New Year (typically Dec 31–Jan 3). No daylight saving time, which alters overlap with New York seasonally.
• Hong Kong (HKEX): Closed for Lunar New Year (multi-day), often with a half-day on the eve; also suspends trading during severe weather signals (Typhoon No. 8, black rainstorms).
• Mainland China (SSE/SZSE): Extended closures for Lunar New Year and National Day “Golden Week.” Weekend workdays sometimes compensate for public holidays, but exchanges remain shut on stated holiday dates.
• India (NSE/BSE): Closes on a rotating set of religious and national holidays; features Muhurat Trading—a special, short session on Diwali evening—illustrating that “open” doesn’t always mean a normal day.
• Australia (ASX): Closes on national holidays such as Australia Day, Good Friday, and Christmas; early-close practices can differ by asset class, especially in derivatives.

Middle East and Africa

• Saudi Arabia (Tadawul): Operates Sunday–Thursday; Friday–Saturday weekend. Eid al-Fitr, Eid al-Adha, and National Day closures depend on lunar calendars, so dates shift annually.
• Israel (TASE): Runs Sunday–Thursday with early closes before holidays like Passover and Yom Kippur.
• South Africa (JSE): Closed on South African public holidays, including Good Friday and Family Day (Easter Monday), diverging from North American patterns.

Time zones and daylight saving: invisible traps

Even when two markets are “open,” their hours overlap differently across the year. Consider:

• Daylight saving changes: The U.S. shifts to daylight saving weeks before Europe in spring and after Europe in autumn. For about two weeks each season, New York opens one hour earlier in London terms, temporarily widening or narrowing the overlap.
• Date-boundary effects: A Monday holiday in Tokyo is still Sunday in parts of the Americas; overnight news and futures move before cash equities reopen.
• No DST in much of Asia: Tokyo and Hong Kong hours shift relative to London/New York clocks twice a year, complicating global trading team rotas.

Settlements, payrolls, and global scheduling: why the calendar matters

Settlements

Equity settlement cycles count business days when exchanges, clearinghouses, and relevant payment systems are open:

• U.S. and Canada: Equities moved to T+1 in 2024. A trade on the day before Good Friday settles on Monday, because Friday is a market and settlement holiday for equities.
• Europe and the U.K.: Many markets remain on T+2 (with plans to shorten in coming years). Easter Monday closures delay cash equity settlements and corporate action timetables.
• India: Broadly on T+1 for cash equities, with pilots for even shorter cycles in select segments.
• Euro payments: TARGET2 holidays (Jan 1, Good Friday, Easter Monday, May 1, Dec 25–26) mean euro-denominated settlements won’t complete on those days, even if a local exchange were open.

Why it matters: ex-dividend dates, record dates, option exercises, and ETF creation/redemption windows all hinge on settlement calendars. A one-day mismatch can push a corporate action beyond eligibility or create a failed trade.

Payrolls and treasury operations

• Bank vs. market mismatch: In the U.S., equities trade on Columbus Day and Veterans Day while many banks and wire/ACH operations are closed or limited. If you need to fund margin or settle a cross-border deal, you may need to pre-fund.
• Cross-currency payments: Euro, sterling, and dollar systems each honor different holiday lists. If your payroll spans London and New York, the same Monday could be a bank holiday in one center but not the other.
• Custodian/CCP timetables: Clearing cuts may occur hours before an early close. Miss them and settlement slips to the next business day.

Reading an exchange calendar the smart way

• Distinguish: trading holidays vs. settlement holidays vs. banking/payment holidays. All three must align for frictionless settlement.
• Note early closes: Confirm exact cutoff times and whether auctions still run. Some “half-days” end at 12:30, others at 13:00 or 14:00.
• Check asset-class differences: Cash equities, ETFs, options, futures, and fixed income may follow different rules on the very same date.
• Mind time zones: Display calendars in local time and your team’s home time. Highlight weeks with daylight-saving transitions.
• Look for special sessions: Examples include India’s Muhurat Trading or pre-holiday auctions that affect closing prices and index calculations.
• Verify with your custodian: Depositories and CCPs publish their own holiday lists and cutoffs; your custodian’s calendar is the operational source of truth.

Practical planning tips for global teams

• Build a master calendar: Combine exchange, clearing, and banking holidays for all currencies you touch. Include early closes and “watch” lists for severe weather.
• Subscribe to data feeds: Use official iCal/JSON feeds from exchanges, CCPs, and payment systems. Automate alerts 10, 5, and 2 days ahead of closures.
• Pre-fund around mismatches: If markets are open but banks aren’t (or vice versa), stage liquidity in advance.
• Rehearse quarter-end: Align index rebalances, ETF creations, and options expiry with local holidays. If the third Friday is a holiday, options often expire on Thursday.
• Document “who’s open”: Keep a quick-reference: U.S. equities closed Good Friday; Europe closed Good Friday and Easter Monday; Canada open on Easter Monday; Middle East Sunday–Thursday (with lunar holiday variability).
• Add daylight-saving playbooks: For two weeks in March and October, adjust trading desk shifts and meeting times to preserve overlaps.

Scenario walk-throughs

Scenario 1: Trading before Good Friday (U.S.)

You buy U.S. shares on the Thursday before Good Friday. With T+1 and a Friday market holiday, settlement occurs on Monday. If you need funds for settlement, ensure cash is available Monday; attempting to wire on Friday won’t help—equities are closed and settlement will not post until markets and clearing reopen.

Scenario 2: Funding on Columbus Day (U.S. to U.K.)

U.S. equities are open, but many banks and payments are limited for the federal holiday. If you must fund a sterling settlement in London for Monday value, pre-fund by Friday. Otherwise your wire may miss the value date despite markets being “open.”

Scenario 3: Easter Monday portfolio rebalance

A global manager plans to rebalance on the last business day of the month. In some years, Easter Monday lands near month-end. Europe is closed; the U.S. is open. The manager either advances European trades to the preceding Thursday/Friday or delays the whole rebalance to maintain target weights across regions.

‘On This Day’ events: spotting one-off closures

History-based reminders can catch closures that standard calendars miss:

• National mourning: U.S. exchanges closed for a day in 2018 for President George H. W. Bush’s funeral; the LSE closed in 2022 for Queen Elizabeth II’s funeral.
• Weather and infrastructure: Hurricane Sandy closed U.S. equities for two days in 2012—the first multi-day weather closure since the 19th century.
• Ceremonial events: Japan observed an additional holiday for the Emperor’s enthronement (2019), affecting TSE sessions.
• Market integrity measures: Extraordinary volatility or technical outages can curtail sessions even on normal business days.

Tip: Annotate your calendar with “On This Day” historical flags to trigger checks for special observances or emergency precedents around anniversaries.

Other markets run differently

• OTC FX: Effectively 24/5, but liquidity thins around regional holidays; value dates follow each currency’s banking calendar.
• Futures and options: Many derivatives venues run shortened sessions when cash equities are closed or vice versa; settlement and final pricing can reference cash market closes.
• Crypto: Trades 24/7 with no official holidays, yet fiat on/off-ramps and custody operations follow banking calendars, creating practical bottlenecks.

Key takeaways

• Stock market holidays worldwide do not equal public holidays; each exchange sets its own rules.
• Expect unsynchronized closures (e.g., U.S. open on Easter Monday, Europe closed) and half-days.
• Settlement, payroll, and funding depend on clearing and banking calendars, not just trading hours.
• Time zones and DST shift overlaps; build them into meetings, cutoffs, and staffing.
• Validate plans with official exchange, CCP, depository, and payment-system calendars before executing.

FAQ

Why don’t exchange holidays always match public holidays?

Exchanges prioritize operational risk, clearing availability, and market structure. They align with some public holidays but diverge where banking rails, depositories, or market tradition suggest different hours or closures.

What’s the difference between a market holiday and a settlement holiday?

A market holiday means no trading. A settlement holiday means no completion of cash and securities movements. Many dates are both, but not always—payment systems (like TARGET2) or depositories can be closed even when a venue could trade.

Do all assets follow the same holiday calendar?

No. Equities, bonds, ETFs, options, and futures often have distinct calendars and early-close rules. OTC FX trades when exchanges are closed, but its value dates still obey currency banking holidays.

How do half-days affect me?

Early closes compress liquidity and cutoffs. Auctions may be rescheduled, and post-trade processes move earlier. If you rely on end-of-day pricing or index closes, verify the special timetable.

How does daylight saving time change trading overlaps?

When the U.S. and Europe switch on different dates, New York’s open shifts by one hour relative to London for about two weeks. Plan meetings, releases, and hedges around those windows.

What’s the most reliable source for holiday information?

Use official exchange calendars alongside clearinghouse/depository and payment-system (e.g., central bank) calendars. Your custodian’s published holiday and cutoff schedule is essential for settlement planning.

How many trading days are there in a year?

Most major equity markets host roughly 240–255 trading days annually, depending on local holidays and ad hoc closures.