Settlement date is a securities industry term describing the date on which a trade (bonds, equities, foreign exchange, commodities, etc.) settles. That is, the actual day on which transfer of cash or assets is completed and is usually a few days after the trade was done. The number of days between trade date and settlement date depends on the security and the convention in the market it was traded. For example when settling a share transaction on the London Stock Exchange this is set at trade date + 2 business days.[1] In USA, the transfer period was changed from 3 to 2 days in 2017.[2]
It is not necessarily the same as value date (when the settlement amount is calculated). For instance, the back office may require a few days to make payment. This gap (between valuation and settlement) is often written into the financial contract, although the actual settlement date can also differ from that originally specified because of problems or errors.
It is occasionally referred to as "contractual settlement date".
^"Introduction of T+2 standard settlement period" (PDF). London Stock Exchange. 2 December 2013. Archived (PDF) from the original on 1 December 2018. Retrieved September 6, 2017.
^Plaehn, Tim; LeDona Withaar (30 April 2019). "Settlement Date Vs. Purchase Date". Finance - Zacks. Archived from the original on 27 January 2021.
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expected to prevail on the settlementdate. A price of 95.00 implies an interest rate of 100.00 - 95.00, or 5%. The settlement price of a contract is defined...
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transaction amount will be based on the exchange rate in effect on the settlementdate. Since that rate is generally not known at the time of authorization...
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the life settlement industry emerged. Viatical Settlement as a term is considered out of date.[by whom?] The industry uses life settlement as the formal...
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pay under the Master Settlement Agreement during the time between the Master Settlement Agreement's effective date and the date on which the SPM joined...