— based on http://www.investopedia.com/ask/answers/06/settlementtradedate.asp
When it comes to buying *shares*, there are two key dates involved in the transaction. The first date is the trade date, which is simply the date that the order is executed in the market. The second date is the settlement date, at which time the transfer of shares is made between the two parties. It is the settlement date, however, that marks an official transfer of ownership from the seller to the buyer. While there may be differing rules for the various jurisdictions around the world, the general view is that ownership is transferred when the funds are given in exchange for the security, which happens on the settlement date.
* the date by which a buyer must pay for the securities delivered by the seller.
* Usually between one (T+1) and five (T+5) days after the trade date, depending on the transaction type.
* The settlement date for stocks and bonds is usually three (T+3) business days after the trade was executed. For government securities and options, the settlement date is usually the next (T+1) business day.