Efterhandel

Efterhandel, or post-trade, refers to the set of processes and services that take place after a financial instrument trade is executed. The goal is to confirm, match, clear, settle, and record the transaction, ensuring the transfer of ownership and funds while managing risk and regulatory compliance.

Key steps in efterhandel include trade confirmation and matching (ensuring both sides agree on terms), clearing (netting obligations through a clearing house or central counterparty), settlement (delivery of securities against payment, typically through central securities depositories and settlement banks), and custody (holding the asset for the purchaser) along with registry. Additional activities cover corporate actions processing, tax and regulatory reporting, cash management, and data reconciliation. The post-trade workflow involves multiple actors, such as trading venues, clearing houses/CCPs, depositories, custodians, settlement infrastructure providers, and information services.

The infrastructure aims to minimize counterparty risk, improve settlement efficiency, and increase market transparency. Post-trade regulation in many jurisdictions governs reporting, clearing, and risk controls, contributing to market stability and integrity. Effective efterhandel supports liquidity, accurate price formation, and reliable ownership records, which are essential for investors, institutions, and market operators.

Challenges include operational risk, settlement fails, collateral management, and fragmentation across markets. Ongoing regulatory changes and technological developments—such as real-time settlement, standardized messaging, and enhanced data analytics—continue to modernize efterhandel and improve interoperability across market ecosystems.