{"slug":"how-stock-settlement-works-t-plus-1","qid":"settlement_walk","label":"Trade date to settlement date across real sessions, November 2025","post_title":"How Stock Settlement Works Under T+1","post_url":"/blog/how-stock-settlement-works-t-plus-1#q-settlement_walk","columns":["trade_date","trade_day_label","settlement_date","settlement_day_label","calendar_days_to_settle"],"rows":[{"trade_date":"2025-11-20","trade_day_label":"Thu Nov 20","settlement_date":"2025-11-21","settlement_day_label":"Fri Nov 21","calendar_days_to_settle":1},{"trade_date":"2025-11-21","trade_day_label":"Fri Nov 21","settlement_date":"2025-11-24","settlement_day_label":"Mon Nov 24","calendar_days_to_settle":3},{"trade_date":"2025-11-24","trade_day_label":"Mon Nov 24","settlement_date":"2025-11-25","settlement_day_label":"Tue Nov 25","calendar_days_to_settle":1},{"trade_date":"2025-11-25","trade_day_label":"Tue Nov 25","settlement_date":"2025-11-26","settlement_day_label":"Wed Nov 26","calendar_days_to_settle":1},{"trade_date":"2025-11-26","trade_day_label":"Wed Nov 26","settlement_date":"2025-11-28","settlement_day_label":"Fri Nov 28","calendar_days_to_settle":2},{"trade_date":"2025-11-28","trade_day_label":"Fri Nov 28","settlement_date":"2025-12-01","settlement_day_label":"Mon Dec 1","calendar_days_to_settle":3},{"trade_date":"2025-12-01","trade_day_label":"Mon Dec 1","settlement_date":"2025-12-02","settlement_day_label":"Tue Dec 2","calendar_days_to_settle":1},{"trade_date":"2025-12-02","trade_day_label":"Tue Dec 2","settlement_date":"2025-12-03","settlement_day_label":"Wed Dec 3","calendar_days_to_settle":1},{"trade_date":"2025-12-03","trade_day_label":"Wed Dec 3","settlement_date":"2025-12-04","settlement_day_label":"Thu Dec 4","calendar_days_to_settle":1},{"trade_date":"2025-12-04","trade_day_label":"Thu Dec 4","settlement_date":"2025-12-05","settlement_day_label":"Fri Dec 5","calendar_days_to_settle":1},{"trade_date":"2025-12-05","trade_day_label":"Fri Dec 5","settlement_date":"2025-12-08","settlement_day_label":"Mon Dec 8","calendar_days_to_settle":3}],"shape":"series","sql":"WITH sessions AS\n(\n    SELECT DISTINCT toDate(toTimeZone(window_start, 'America/New_York')) AS session_date\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker = 'SPY'\n      AND window_start >= '2025-11-19 00:00:00'\n      AND window_start <  '2025-12-10 00:00:00'\n      AND toDate(toTimeZone(window_start, 'America/New_York')) BETWEEN '2025-11-20' AND '2025-12-09'\n)\nSELECT\n    toString(td)                            AS trade_date,\n    formatDateTime(td, '%a %b %e')          AS trade_day_label,\n    toString(next_td)                       AS settlement_date,\n    formatDateTime(next_td, '%a %b %e')     AS settlement_day_label,\n    dateDiff('day', td, next_td)            AS calendar_days_to_settle\nFROM\n(\n    SELECT\n        session_date AS td,\n        leadInFrame(session_date) OVER (ORDER BY session_date ASC\n            ROWS BETWEEN CURRENT ROW AND 1 FOLLOWING) AS next_td\n    FROM sessions\n)\nWHERE next_td > td\n  AND td <= '2025-12-05'\nORDER BY td","computed_at":"2026-08-22T04:13:45.024861+00:00","elapsed":0.126279194}