Nonstandard-Settlement Transactions

James Angel ()

Working Papers from Georgetown School of Business

Abstract: A small fraction of NYSE trades do not 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 - and often are small market sell trades by individuals. The prices received in such cases tend to be below the prices expected from spot-forward arbitrage relationships. Some nonstandard-settlement trades, however, are extremely large dividend-capture trades. The time stamps and condition codes for these trades on the consolidated tape are not always accurate, which may bias studies of the price impact of large trades.

JEL-codes: G10 G15 (search for similar items in EconPapers)
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Journal Article: Nonstandard-Settlement Transactions (1998)
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