| Day | What happens |
|---|---|
| T | Trade executed on the exchange |
| T+1 | Confirmation and matching between the parties |
| T+2 | Commitment; the obligation is locked in |
| T+3 | Settlement; shares and money change hands through Strate |
| Situation | Consequence |
|---|---|
| Dividend entitlement | You must settle before the record date to receive it |
| Withdrawing sale proceeds | Cash is available after settlement, not on the trade date |
| Corporate action eligibility | Determined by the settled position |
| Failed settlement | Penalties apply and the trade may be bought in |
| Day | Date | What happens |
|---|---|---|
| T | Monday | Trade executed |
| T+1 | Tuesday | Confirmation and matching |
| T+2 | Wednesday | Commitment |
| T+3 | Thursday | Settlement; shares and cash move |
| Before a long weekend | Shifts later | Business days exclude holidays |
Data maintained by TradeAnswers · updated as the figures change