The document discusses settlement cycles for securities trading. It defines a settlement cycle as the time period between when a trade is executed and when it is considered final, with the buyer paying for and receiving the shares and the seller delivering the shares. Currently, the standard settlement cycle for equities trades in the US is T+2, meaning settlement occurs two business days after the trade date. Other financial instruments like derivatives and currencies settle on T+1. The document provides examples of settlement cycles for different types of securities and describes the process and timeline of activities on each day of a typical T+2 settlement cycle.