Markets
4 min
T+0 is a settlement date, not a slogan
Same-day settlement only means something if the cash settles with the asset. Here is what delivery versus payment looks like on one trade.
In the usual chain, a secondary trade passes through a broker, a custodian, a central securities depository, a clearing house, a paying agent and the registrar. Each adds a step and a cut-off. The result is T+2, and phone calls to confirm it happened.
On Mintage Markets, holders trade with holders. A trade is one transaction with two legs: the units to the buyer, the cash to the seller. If either leg fails, or the buyer fails one of the four eligibility questions, neither leg moves. That is delivery versus payment, and it is the only kind of trade the venue settles.
One trade
1,200 units of HPC1-A from Arden Pension to Kestrel Family Office, at 100.42: $120,504 against 1,200 units, settled in the same block. The register showed Kestrel as holder in that block; Arden’s custodian saw the cash before its own cut-off.
We say T+0 because the trade date and the settlement date are the same date. Not because it sounds fast.
Oliver Haines
Head of Markets
