<P> Settlement Date is a securities industry term describing the date on which a trade (bonds, equities, foreign exchange, commodities, etc .) settles . That is, the actual day on which transfer of cash or assets is completed and is usually a few days after the trade was done . The number of days between trade date and settlement date depends on the security and the convention in the market it was traded . For example when settling a share transaction on the London Stock Exchange this is set at trade date + 2 business days . </P> <P> It is not necessarily the same as value date (when the settlement amount is calculated). For instance, the back office may require a few days to make payment . This gap (between valuation and settlement) is often written into the financial contract, although the actual settlement date can also differ from that originally specified because of problems or errors . </P>

What is the settlement date of a bond
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