How often the settlement wait is overnight, and how often it is longer
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-10-09, from Limited Margin in an IRA: Rules and Limits.
| settlement_wait | frequency | share_pct |
|---|---|---|
| 1 calendar day | 389 | 77.6 |
| 2 calendar days | 8 | 1.6 |
| 3 calendar days | 91 | 18.2 |
| 4 calendar days | 13 | 2.6 |
- Rows × columns
- 4 × 3
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
settlement_wait |
text | 4 distinct values | |
frequency |
number | 8 to 389 | |
share_pct |
number | 1.6 to 77.6 | percent |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
WITH sessions AS
(
SELECT date
FROM global_markets.stocks_daily_aggs
WHERE ticker = 'SPY'
AND date >= today() - 730
GROUP BY date
),
paired AS
(
SELECT
date,
any(date) OVER (ORDER BY date ASC ROWS BETWEEN 1 FOLLOWING AND 1 FOLLOWING) AS next_session
FROM sessions
),
gaps AS
(
SELECT dateDiff('day', date, next_session) AS wait_days
FROM paired
WHERE next_session > date
),
tallied AS
(
SELECT
wait_days,
count() AS frequency
FROM gaps
GROUP BY wait_days
)
SELECT
concat(toString(wait_days), if(wait_days = 1, ' calendar day', ' calendar days')) AS settlement_wait,
frequency,
round(100 * frequency / sum(frequency) OVER (), 1) AS share_pct
FROM tallied
ORDER BY wait_days
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