The day a trade completes and ownership actually changes.
The settlement date is when a transaction completes: securities delivered, cash paid, obligations discharged. It is distinct from the trade date, when the parties agreed.
The gap between them is the settlement cycle, and it is counted in business days of the relevant market — so a trade agreed on a Thursday before a long weekend settles later in calendar terms than one agreed on a Monday.
Because the count is in business days of a specific market, a holiday in one of the centres involved moves the date. That is precisely the calendar this estate does not hold.
Trade date is when the parties agreed. Settlement date is when it completes, and the gap is the settlement cycle.
Settlement is completion between the parties. Value is when funds are usable, and for some instruments they differ.
See also trade date · settlement cycle · value date · settlement finality · trading day
We hold no settlement or clearing calendars. This entry defines the term and demonstrates nothing, because a near-miss borrowed from exchange closures would imply coverage that does not exist. See what we hold.