T+2 settlement

T+2 settlement — the convention under which a stock trade executes instantly but money and shares legally change hands two business days later. Sell on Monday and the cash is withdrawable Wednesday. It is the “liquidity: T+2” line on the scorecard for stocks and REITs, and the same rhythm most world markets run on.

First used in: 1.7 · PSE mechanics: first shares, first REIT