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According to the Mishna (2a) it is forbidden to do business with non-Jewish idol worshippers for three days prior to their holidays.
What are these pagan holidays?
The Gemara on today’s daf quotes a baraita that mentions three holidays: Kalenda, Saturnalia and Kratesis.
Rav Ḥanin bar Rava explains that Kalenda refers to the holiday that is celebrated for eight days following the winter solstice, while Saturnalia is the eight day festival that precedes it.
Kalenda or Calenda usually refers to the first day of the month according to the Roman calendar, but in our case the Sages are talking about the first day of the first month of the year – Kalendae Januirae – that is to say, the first day of the month of January. As the Gemara explains, the celebration of this festival began immediately following the winter solstice on December 22 and lasted for eight days. As part of the celebrations the Roman would bring sacrifices to the pagan gods and arrange for games and related activities at the circus.
Saturnalia became one of the most popular Roman festivals. It was marked by sacrifices to the god Saturn and general revelry that included reversal of social roles, in which slaves and masters ostensibly switched places.