Читать книгу Fundamentals of Financial Instruments - Sunil K. Parameswaran - Страница 62

After a trade has been matched by a trading system, a post-trade process called clearing and settlement needs to commence in order to ensure that the seller receives the cash that is due to him, while the buyer receives the securities that he has acquired.

Clearing refers to all the post-trade processes other than final settlement, where the term settlement refers to the payment of cash to the seller and transfer of ownership of the securities from the seller to the buyer. Settlement is the last step in the post-trade process.

Different security types have different settlement cycles. Money market securities such as negotiable CDs and commercial paper settle for cash, that is on the same business day. Most US Treasury securities settle on the next business day. Most foreign exchange transactions settle for spot, that is two business days after the trade date (T+2 settlement). Equity and municipal bond transactions in the United States settle three business days after the trade date (T+3) settlement.