1. The date on which counterparties to a financial transaction settle their respective obligations by exchanging payments and rights.
2. The settlement date in a forward rate agreement (FRA) transaction, when the notional loan or deposit of funds becomes effective.
3. The purchase date in a repurchase agreement, on which cash and assets are exchanged.
4. The effective date in an interest rate swap (IRS), from which interest is calculated and accrues.
- effective date (4.); purchase date (3.); settlement date (2.).