Imported from previous forum
[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
I’m not defending the extra settlement type, but “Next Day” doesn’t quite equate to T+1. T+1 is really a hybrid: The current operational maxim for “Next Day” is to resolve matching and settlement discrepancies tomorrow. For T+1 the rule is to resolve everything by midnight on day-of-trade so that settlement is guaranteed tomorrow.