Trading date & Settlement date

When you buy or sell securities, two dates apply:

• Trade date: the date when the buy or sell order is executed. The securities do not officially belong to the buyer yet, but the buyer carries the price changes.
• Settlement date: the date when the transaction is complete. The securities are delivered and the cash is transferred (delivery versus payment). From this date, the securities officially belong to the buyer.

The standard settlement cycle in Europe is T+2. The United States moved to T+1 in May 2024. Europe plans to move to T+1 on 11 October 2027. Money-market transactions settle on T+0 (the trade day).

The dates use the business days of the stock exchange. Weekends and exchange holidays are not counted, even when these holidays are working days for most people.

Example: Euronext calendar