Nonstandard-Settlement Transactions

16 Pages Posted: 13 Jan 2005

See all articles by James Angel

James Angel

Georgetown University - Department of Finance

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Most NYSE trades settle in three business days, the customary period for a regular-way trade. Nonstandard-settlement trades settle at other times - usually on the same or next business day. At times these trades are a major part of the trading volume in some stocks. Some of these trades are extremely large dividend-capture trades while others may be used to bypass the limit-order book. Others are small market sell trades by individuals seeking faster access to sale proceeds. Situations are addressed in which users of empirical databases should and should not eliminate nonstandard-settlement trades.

Suggested Citation

Angel, James J., Nonstandard-Settlement Transactions. Financial Management, Vol. 27, No. 1, pp. 31-46, Spring 1998. Available at SSRN:

James J. Angel (Contact Author)

Georgetown University - Department of Finance ( email )

McDonough School of Business
Washington, DC 20057
United States
202-687-3765 (Phone)
202-687-4031 (Fax)

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