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At this point, the buyer and the seller compare trade details, approve the transaction, change records of ownership, and arrange for the transfer of securities and cash.

For each trade, an STO issues a settlement instruction to the relevant custodian (with the exception of those issued under Power of Attorney, described later in this chapter).

The term settlement instruction is a generic term used to describe the (only) mechanism by which trade settlement (the exchange of securities and cash) is initiated between seller and buyer.

Trade settlement is a two-way process wherein the purchased securities are delivered to the buyer, and the seller receives cash. As you buy or sell financial securities, the actual transfer of ownership occurs on the settlement date.

Standard Settlement Instructions (SSI's) are defined as a Legal Entities Settlement Instruction for which key information remains the same from one settlement to another (i.e., bank, account number and account name), with only the amount and value date modified.

The Settlement Instruction Manager service provides investment manager users of CTM with the ability to generate settlement notifications to be sent to custodians, banks, third parties, investment managers and executing brokers to inform them of a trade intended for settlement.

Standard Settlement Instructions (SSI's), refer to a Legal Entities Settlement Instruction for which key information remains the same from one cash settlement to another (i.e., bank, account number and account name), with only the amount and value date modified.