Settlement date is a securities industry term describing the date on which a trade 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. In the United States, the transfer period was changed from 3 to 2 days in 2017 and to 1 day in 2024.