™A trade date is when execution occurs; settlement is when the scheduled transfer completes under the applicable security and market convention.
Orders & Market Structure
Settlement
The process that finalizes the exchange of securities and cash after a trade.
Plain-English context
Put the definition to work.
Scheduled T+1 for covered U.S. trades is a business-day convention, not immediate delivery or a universal rule for every instrument.
Further reading and verification. Examples are hypothetical, not current quotes or recommendations. Product terms, tax treatment and market rules can change. FINRA — order types and execution