Template:Nutshell Equity Derivatives 1.37

Section 1.37. Settlement Cycle. “Settlement Cycle” means usual number of Clearance System Business Days (or, for Exchange-traded Contracts, Exchange Business Days following a trade in Shares or Exchange-traded Contracts (or shares underlying an Index) on the Exchange in which settlement will usually occur according to the Exchange’s rules for those shares (or, the longest period where there are multiple Exchanges).