Trade date is the date on which a security trade occurs. A trade done very early or very late falls on the previous or following trade date.

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This occurs because in the international market a trade conducted in (e.g.) Japanese equities at 3 pm in London needs to effectively be considered as the following day for Japanese stock exchange reporting requirements.

In London and the US, the settlement period from trade date is 2 days.^[1][2][3]

• Settlement date
• Spot date
• Value date