The Holiday program

With a three-digit number of holiday updates so far this year, the potential for major disruptions to trade settlements is clear. In the western world, people are used to having holiday information years in advance, while in certain Muslim countries it can be difficult to make New Year's Eve plans before the very last minute.

A range of holidays affect financial markets as banks and stock exchanges close, making it impossible to settle trades and payments in the relevant currencies.

New York-based