2011 Mkt Calendar

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Global Market Commentary 07 January 2011

Portfo lio Strategy

2011 Global Trading CalendarPlanning your trading desks vacations has never been easier. In theappendix to this report we include a 2011 Developed Markets TradingCalendar.

Trading & Settlement Holidays for all Developed MarketsThis includes trading and Trading & Settlement holidays for all MSCI

developed countries, in a month-to-a-page format.The Trading Calendar is also color coded to separate the key functions oftrading and settlement (see exhibit 1).

We also include note and reminders for large index rebalance dates.

Holidays for Emerging Markets Online in EDGEThe details in the attached calendar are also available online, in our EDGE website (go to TRADING menu/Market Holidays, see Exhibit 2).

The online version also allows you to view:

A whole year (for any single country)

Actual settlement dates for an trade date during the year

Net Cashflows by date for your own trade list, trading date & desiredtrading aggression level

Emerging market calendars too.

Portfolio Strategy2011 Equity Trading Calendar

How do I get Access to EDGE?Go to https://www.credit-suisse.com/edge

If you do not already have a username & password, send an email to your Derivatives & Portfolio Strategy contact, or [email protected].

If you are already permissioned but forgot your login information, go to the site and enter your email address in the “Forgot your password”box. We will reset your credentials and send you a new one.

Key points

As we all get back from ‘Holiday Season’ it’stime to look forward to the next wave of tradingand back office holidays.

In this report we:

Provide a full 2011 calendar for trading

and settlement holidays in developedmarkets

Show users how to access these calendarsonline using EDGE

Show users how to see the sameinformation for Emerging markets in EDGE

Exhibit 1: Colored legend indicates holiday type and

settlement based on selected date.

Source: Credit Suisse Portfolio Strategy

Exhibit 2: Trading calendar also online in EDGE


Online calendar in

EDGE/Tradin menu



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Additional Tools OnlineCompute settlement dates for your own trade dayEDGE also includes a settlement date calculator. Simply select your preferred trade date (it can be in the future or the past) and EDGE willcompute the expected day the stock will settle – taking into account

holidays and settlement conventions (T+2 markets etc).

12 month Calendars, for all countriesCalendars for the whole ear are also available in EDGE, in a one-page-per-country format. Using the country navigation menu on the left of thescreen, search and click on each country to see trading and settlementdates for that country for the whole year.

This page includes a ‘realtime’ clock to show whether the market selected

Exhibit 3: Compute your own settlement dates using the online calendar.


Use Trade Date Picker to enter

our ex ected trade date

Trade & Settlement dates

computed account for:

T+2 settlement rules inGermany

Trading holidays in

Austria and Finland

Exhibit 4: All countries available online


Live market Clock & trading hours

Select “Brazil” 12 month calendar

Want Emerging Markets?

They’re online too!The whole year calendars in EDGEinclude Emerging markets.

The region navigation menu includes 50countries from around the world,including Africa, Latam, China and

eastern Europe (see Exhibit 4).



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How do I find Settlement

conventions? Guides that outline the rules and regulationsof major markets around the world are alsoavailable in Edge. These guides provide key

information for PMs and traders tounderstand when and how they can trade ineach market.

Advanced EDGE Calendar & Trading ToolsIn the new Trade Planning section ofEDGE/PORTFOLIOS, you can estimatecashflows out multiple days for very largetrades. This is especially useful whenplanning large transtions or cashflows.

Forecast Multiday Residuals The trade Shedule in EDGE/Tradeplanningsection computes the rate of completionthruought a trade. For large trades, this willcarry over to multiple days, until the leaseliquid stock is expected to complete (Exh 6).

Forecast MultiCcy SettlementsBy combining all of the calendar and marketconvention features above, with our pretradeliquidity forecast, EDGE Currency Scheduleestimated the was cash will settle fromthese large trades. Note (See Exh 7) that:

EUR includes german trades with T+2settlements.

USD trades take 2 days to finish. Buton day one the US stocks were a netsell of $273m.

Combined, the trade is expected tocase a cash inflow (selling) or aroundUS$243m on T+3

Exhibit 5 Market Guide section includes settlement conventions by country

To navigate to

Market Guide

section

Germany T+2

conventionTo navigate to Market

Guide section

How do I load a trade into EDGE?For details of how to load baskets (portfoliosor trades) into EDGE, click on this report:EDGE Update: **NEW Portfolio Tools**

For very large trades, EDGE

forecasts residuals, over

multiple days.

The computation of

residuals is then married

with the settlement

calendar information, to

compute expected

Exhibit 6 EDGE will forecast the value of residuals over multiple days

Exhibit 7 Currency schedule then computes the settlement dates for large trades

Select your custom portfolio and

trade strategies here



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January Most countries celebrate New Years with a trading and settlement holiday.

US Markets close for Martin Luther King day on Jan 17



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February Chinese New year affects Singapore, HK and Chinese markets for a number of days early in the month.

MSCI index rebalance effective MOC on Feb 28th



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March Quarterly Futures Expiries (mostly on Friday 18 March).

Quarterly index rebalances for many indexes (on Friday 18 March), including SPX, FTSE, ASX, TSX, DAX, Stoxx, MIB, CAC, Xin



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April Easter around 23 & 24th affects many (but not all) countries.



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May MSCI index rebalance effective MOC on May 31st.

Japan recognizes 3 consecutive holidays on May 3rd, 4th and 5th: Constitution Day, Greenery Day and Children’s Day. This isknown as Japan’s “Golden Week”.



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June Quarterly Futures Expiries (mostly on Friday, June 17 th).

Quarterly index rebalances for many indexes (on Friday, June 17th), including SPX, FTSE, ASX, TSX, DAX, Stoxx, MIB, CAC, Xi

In the US the annual Russell Reconstitution is expected on Friday, June 24 th.



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July US recognizes 4th of July Independence Day.



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August MSCI index rebalance effective MOC on August 31st.



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September Quarterly Futures Expiries (mostly on Friday, September 16 th).

Quarterly index rebalances for many indexes (on Friday, September 16th), including SPX, FTSE, ASX, TSX, DAX, Stoxx, MIB, CA

US recognizes Labor Day on September 5th.



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October



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November MSCI index rebalance effective MOC on November 30th.

US Recognizes Thanksgiving on November 24 th.



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December Quarterly Futures Expiries (mostly on Friday, December 16 th).

Quarterly index rebalances for many indexes (on Friday, December 16th), including SPX, FTSE, ASX, TSX, DAX, Stoxx, MIB, CAReview.

Most countries recognizing Christmas Day on December 26th.



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2011 Mkt Calendar