Why this matters: Speed is not the same as finality. This lesson explains the difference a treasurer cares about.
T+2 versus T+0
On legacy rails, a trade may execute in seconds but settle in two business days (T+2). Cash and securities often ride separate rails. Liquidity sits trapped; exposure sits open.
Settlement finality means title, cash, and rules commit together in one event - delivery versus payment. On the intended 4orm design, that happens at T+0 on a permissioned ledger (simulated here).