​ Funds Closed Columbus Day, But Competition Is Spurring Longer Hours. With the Federal Reserve and banking system closed on Monday, October 8, for the Columbus Day holiday, money funds won'​t be trading. While money funds and the money markets will be closed, stock funds and stock markets will be open. Fewer and fewer funds have been closing early on Fridays prior to holidays recently. There appears to be a clear push towards longer trading hours among institutional money funds. Morgan Stanley and Lehman Brothers will be closing early, but almost all other institutional funds who have declared so far will be open all day Friday. Recently, Barclays joined Reserve in announcing a "​no early closings" prior to holidays policy.

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