Settlement timing, delivery obligations, and special settlement arrangements tested on Series 6.
Settlement is where the transaction is completed financially and operationally. Series 6 uses this topic to test whether you understand that a trade date does not end the process. Payment, delivery, and completion rules still matter, and those rules affect when the customer officially receives or gives up value.
The core exam habit here is to separate trade agreement from settlement completion. Many candidates understand the order and the execution but then lose points by treating settlement as a formality instead of a real step with timing consequences.
| Settlement concept | Why it matters |
|---|---|
| Trade date vs settlement date | They are related but not interchangeable |
| Delivery obligations | The transaction is not complete until both sides meet obligations |
| Special settlement arrangements | Some products or situations do not follow the simplest default assumption |
Use this section to think operationally: once the trade is done, how does it actually finish?