Settlement & Clearing Purpose Guide the understanding and management of trade settlement and clearing processes. Covers the settlement cycle (T+1 for US equities and corporate bonds as of May 2024), central clearing through DTCC (DTC, NSCC), continuous net settlement, settlement fails management, DVP/RVP settlement, corporate actions impact on settlement, and settlement risk. Enables building or evaluating back-office systems that ensure timely and accurate settlement. Layer 11 — Trading Operations (Order Lifecycle & Execution) Direction retrospective When to Use - Designing or evaluating a f…