Settlement Type

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1

Imported from previous forum

2

Hi,

Can someone please explain the intended use Tag.63. I am somewhat confused by the notion of Order settlement. Is it an instruction from the buy-side as to how the broker should settle the trades, if so, why isn’t this field called Trade Settlement.

3

[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
Chris,

SettlType (63) and SettlDate (64) are used to communicate ‘when’ the trade is to settle rather than ‘how’. Some explanation of the (63) enumeration jargon:

"Regular" means when the asset class usually settles.
"Cash" means settle today.
"T+1" means settle one business day after trade-date, etc.

> Hi,
>
> Can someone please explain the intended use Tag.63. I am somewhat confused by the notion of Order settlement. Is it an instruction from the buy-side as to how the broker should settle the trades, if so, why isn’t this field called Trade Settlement.
>

4

[ original email was from Maura Sawyer - msawyer@bis.adp.com ]
Can you explain the difference between Seller’s Option and a Future for Tag 63?

> Chris,
>
> SettlType (63) and SettlDate (64) are used to communicate ‘when’ the trade is to settle rather than ‘how’. Some explanation of the (63) enumeration jargon:
>
> “Regular” means when the asset class usually settles.
> “Cash” means settle today.
> “T+1” means settle one business day after trade-date, etc.
>
>
> > Hi,
> >
> > Can someone please explain the intended use Tag.63. I am somewhat confused by the notion of Order settlement. Is it an instruction from the buy-side as to how the broker should settle the trades, if so, why isn’t this field called Trade Settlement.
> >
>

5

[ original email was from , - ]
Can you explain the difference between Seller’s Option and a Future for Tag 63?

Email address has changed to Maura_Sawyer@adp.com

> Chris,
>
> SettlType (63) and SettlDate (64) are used to communicate ‘when’ the trade is to settle rather than ‘how’. Some explanation of the (63) enumeration jargon:
>
> “Regular” means when the asset class usually settles.
> “Cash” means settle today.
> “T+1” means settle one business day after trade-date, etc.
>
>
> > Hi,
> >
> > Can someone please explain the intended use Tag.63. I am somewhat confused by the notion of Order settlement. Is it an instruction from the buy-side as to how the broker should settle the trades, if so, why isn’t this field called Trade Settlement.
> >
>

6

[ original email was from , - ]
Can you explain the difference between Seller’s Option and a Future for Tag 63?

Email address has changed to Maura_Sawyer@adp.com

> Chris,
>
> SettlType (63) and SettlDate (64) are used to communicate ‘when’ the trade is to settle rather than ‘how’. Some explanation of the (63) enumeration jargon:
>
> “Regular” means when the asset class usually settles.
> “Cash” means settle today.
> “T+1” means settle one business day after trade-date, etc.
>
>
> > Hi,
> >
> > Can someone please explain the intended use Tag.63. I am somewhat confused by the notion of Order settlement. Is it an instruction from the buy-side as to how the broker should settle the trades, if so, why isn’t this field called Trade Settlement.
> >
>