Settlement

Question 1

Settlement: Regular way (corporate and municipal)

Answer 1

T+2

Trade date + 2 business days

Question 2

Settlement: Regular way (government)

Answer 2

T + 1

Trade date + 1 business day

Question 3

Settlement: Cash

Answer 3

Same day (BD approval required)

Question 4

Settlement: Buyer’s option/seller’s option

Answer 4

• No sooner than first day after regular way

* No later than date specified in settlement contract

Question 5

Settlement: Options

Answer 5

T+1

Options settle the next business day

Question 6

When do municipal bonds settle?

Answer 6

Two business days

Question 7

When do corporate bonds settle?

Answer 7

Two businesses days

Question 8

Regular way settlement for US gov securities

Answer 8

1 business day