If a trade is made late at night Japan time, what will the settlement date (delivery date) be?
In US market hours, the day ends at 10:00 AM Japan time (*9:00 AM during daylight saving time, 8:00 PM US ET). The trade date in US market hours (or the next opening day of the US market if traded during night trading) is the local trade date.
(Example: For a 24-hour period from 10:00 AM on October 1st, 2025 to 10:00 AM on October 2nd, 2025, the local trade date is October 2nd.)
The domestic trade date and domestic settlement date are as follows:
Domestic trade date: The next domestic business day following the local trade date (*)
Domestic settlement date: The third business day from the domestic trade date (**)
*Domestic business days refer to weekdays in Japan, excluding Saturdays, Sundays, national holidays, and December 31st to January 3rd.
*Please note that U.S. market holidays (public holidays, etc.) and settlement holidays (bank holidays) in the U.S. market, even if they are business days in Japan, are not counted as business days here.
(Example: For a 24-hour period from 10:00 AM on October 1st, 2025 to 10:00 AM on October 2nd, 2025, the local trade date is October 2nd.)
The domestic trade date and domestic settlement date are as follows:
Domestic trade date: The next domestic business day following the local trade date (*)
Domestic settlement date: The third business day from the domestic trade date (**)
*Domestic business days refer to weekdays in Japan, excluding Saturdays, Sundays, national holidays, and December 31st to January 3rd.
*Please note that U.S. market holidays (public holidays, etc.) and settlement holidays (bank holidays) in the U.S. market, even if they are business days in Japan, are not counted as business days here.