In the securities industry, the trade settlement ** refers to the time between the trade date—month, day, and year that an order is **** in the market—and the settlement date—when a trade is considered final. When shares of stock, or other securities, are bought or sold, both buyer and seller must fulfill their obligations to complete the transaction. During the settlement **, the buyer must pay for the shares, and the seller must deliver the shares. On the last day of the settlement **, the buyer becomes the holder of record of the security.
