By Ketki Saxena
Investing.com -- Monday, the 19th of September is set to be a Federal holiday to mark Queen Elizabeth the II’s state funeral, Canadian Prime Minister Trudeau has announced. The national holiday will coincide with the queen’s state funeral to be held in London, U.K.
A federal holiday means an extra day off for federal employees.
While federally regulated industries - including banks, air transportation, and federal Crown corporations such as Canada Post and courier services - typically remain closed on federal holidays, Federal Labour Minister Seamus O’Regan later clarified on social media that federally-regulated businesses “are welcomed to follow suit, but they are not required to do so.”
The Canadian Bankers Association (CBA) internal note to senior bankers recommends that federally-regulated banks stay open on Monday and operate on a “business-as-usual basis.", as per an internal note cited by the Globe and Mail.
Trudeau is also working with provincial and territorial governments to declare a national holiday, but the decision will ultimately remain with the non-federal governments on whether to declare a holiday for the majority private-sector workplaces and schools.
While the Toronto Stock Exchange typically remains closed for the majority of Federal Holidays (barring Easter Monday, Remembrance day, and the National Day for Truth and Reconciliation), the exchange will remain open on Monday.
TMX Group Inc., owner of the Toronto Stock Exchange, confirmed its markets will be open for trading Monday with regular hours. The Canadian Securities Exchange will also remain open.
Edit: an earlier version of this article stated that Federally regulated industries would be closed on Monday, prior to the clarification issued by the Labour Minister.