Settlement Date

When the money for a given trade is due to be paid (and the securities handed over)

REMARKS

When a bond trade takes place, the buyer and seller agree on a date when the buyer will pay for the bonds and the seller will deliver the bonds. For municipal bonds and corporate bonds, the settlement date is typically 3 business days after the trade date. For Treasury and zero coupon bonds the settlement date is typically the next business day after the trade.