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2 after the trade is executed, and for listed options and government securities it is usually 1 day after the execution. As part of performance on the delivery obligations entailed by the trade, settlement involves the delivery of securities and the corresponding payment. A number of risks arise for the parties during the settlement interval, which are managed by the process of clearing, which follows trading and precedes settlement. Clearing involves modifying those contractual obligations so as to facilitate settlement, often by netting and novation. Settlement involves the delivery of securities from one party to another. Prior to modern financial market technologies and methods such as depositories and securities held in electronic form, securities settlement involved the physical movement of paper instruments, or certificates and transfer forms.

The electronic settlement system came about largely as a result of Clearance and Settlement Systems in the World’s Securities Markets, a major report in 1989 by the Washington-based think tank, the Group of Thirty. This report made nine recommendations with a view to achieving more efficient settlement. In an electronic settlement system, electronic settlement takes place between participants. If a non-participant wishes to settle its interests, it must do so through a participant acting as a custodian. The interests of participants are recorded by credit entries in securities accounts maintained in their names by the operator of the system. After the trade and before settlement, the rights of the purchaser are contractual and therefore personal.

Because they are merely personal, their rights are at risk in the event of the insolvency of the vendor. After settlement, electronic articles purchaser owns securities and their rights are proprietary. Immobilisation and dematerialisation are the two broad goals of electronic settlement. Both were identified by the influential report by the Group of Thirty in 1989. For the concept in macroeconomics, see Economic immobility.

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The Depository Trust Company in New York is the largest immobilizer of securities in the world. Euroclear and Clearstream Banking, Luxembourg are two important examples of international immobilisation systems. Dematerialisation involves dispensing with paper instruments and certificates altogether. Dematerialised securities exist only in the form of electronic records.

The legal impact of dematerialisation differs in relation to bearer and registered securities respectively. In a direct holding system, participants hold the underlying securities directly. The settlement system does not stand in the chain of ownership, but merely serves as a conduit for communications of participants to issuers. 2 Settlement Cycle for Securities Transactions». The leading nonprofit defending digital privacy, free speech, and innovation. When a president threatens to exercise the power to declare a national emergency, our system of checks and balances faces a crucial test.

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