The Globe and Mail reports in its Thursday edition that Canada's banks will stay open on Sept. 19 after the federal government declared a national day of mourning to mark Queen Elizabeth's funeral. The Globe's James Bradshaw writes that on Tuesday, the country's financial sector scrambled to decide how to respond to a federal holiday declared by Prime Minister Justin Trudeau. Banks had no warning about the decision to hold a day of mourning, and were concerned about the degree of co-ordination that would be required between financial markets operators, payment providers and financial institutions to close at short notice. Monday will be a holiday for federal civil servants. B.C. and all four Atlantic provinces will close government offices and schools for the day. Other large provinces such as Ontario and Quebec elected not to declare a public holiday. Stock markets including the Toronto Stock Exchange will remain open. The Bank of Canada will postpone an auction of 10-year government bonds that had been scheduled for Monday until Sept. 22, but will maintain regular operations that support payment and settlement systems as well as financial markets. Those decisions set the stage for banks to stay open as well.
© 2024 Canjex Publishing Ltd. All rights reserved.