Nonstandard-Settlement Transactions

Financial Management, Volume 27 #1, pages 31-46, Spring 1998

Posted: 3 Jun 1998

See all articles by James Angel

James Angel

Georgetown University - Department of Finance

Multiple version iconThere are 3 versions of this paper

Abstract

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.

JEL Classification: G10, G15

Suggested Citation

Angel, James J., Nonstandard-Settlement Transactions. Financial Management, Volume 27 #1, pages 31-46, Spring 1998 . Available at SSRN: https://ssrn.com/abstract=94952

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)

Register to save articles to
your library

Register

Paper statistics

Abstract Views
431
PlumX Metrics