T+1 / T+2 Trade Settlement
Equity, bond and FX settlement dates with NYSE/NASDAQ market-holiday handling.
These calculators are for informational purposes only and do not constitute legal, financial, or professional advice.
How the T+1 / T+2 Trade Settlement works
The T+1 / T+2 Trade Settlement calculator projects when a trade actually settles — the day the cash moves one way and the security moves the other. "T" is the trade date; the number is how many trading days later settlement falls. US equities and corporate bonds moved to T+1 in May 2024, many government securities settle T+1 or same-day, and spot foreign exchange conventionally settles T+2. Enter the trade date, pick the cycle, and the calculator counts forward against the market's trading calendar rather than the plain calendar.
The word that trips people is "trading." The count skips weekends and every exchange holiday inside the window, not just Saturdays and Sundays — and exchange holidays do not always line up with bank holidays, or with each other from one market to the next. A trade placed the day before a market closure settles on the day the market next reopens, which can be several calendar days later even though it is only one trading day.
One pass counts one cycle against one holiday calendar, which is the whole answer for an ordinary domestic trade in a single currency. When a trade crosses a border or a currency its two legs settle on two different calendars — the securities leg on its market, the cash leg on the currency's — so you count each leg separately and plan against the later date. The calculator gives you that building block; it does not silently merge two markets' holidays for you.
Worked example
Trade US equities on Friday, 3 July 2026. T+1 would normally be Monday, 6 July — but 3 July is observed as the Independence Day holiday and the following Monday is a normal trading day. Counting one trading day forward from Friday lands on Monday, 6 July for settlement. Now flip to a trade executed on Thursday, 2 July: T+1 skips the Friday 3 July closure and the weekend, so settlement is Monday, 6 July as well — two different trade dates funnelling into the same settlement day because the holiday and weekend sit between them.
Frequently asked questions
What is the difference between T+1 and T+2?
Both count trading days after the trade date; the number is how many. T+1 means settlement one trading day later — the current standard for US equities and corporate bonds since May 2024. T+2 means two trading days later, still standard for spot foreign exchange and for equities in several other markets. The calculator lets you pick the cycle so the count matches the instrument you actually traded.
Do market holidays change the settlement date?
Yes, and this is the main reason a naive "add a day" fails. The count skips weekends and exchange holidays, so a trade placed just before a market closure settles on the next day the market reopens. Exchange holidays do not always match bank holidays, so the settlement calendar has to be the trading calendar of the market where the trade actually settles.
How do I handle a cross-border trade with two settlement calendars?
Run the calculator twice — once for the securities leg on its market's calendar and once for the cash or FX leg on the currency's calendar — then plan against the later of the two dates, with the gap between them pre-funded. A single pass counts one calendar, so the two-legged case needs two passes; our blog covers the reasoning behind this in detail.