Jälkikaupankäynti

Jälkikaupankäynti, often translated as post-trade or clearing and settlement, refers to the complex series of processes that occur after a financial transaction has been agreed upon by two parties. This encompasses the confirmation of the trade, the calculation of obligations, and the actual transfer of ownership of the securities and cash. The primary goals of effective post-trade processing are to reduce risk, ensure efficiency, and maintain the integrity of the financial markets.

The process typically begins with trade confirmation, where both buyer and seller verify the details of the transaction. Following confirmation, clearinghouses play a crucial role. They act as intermediaries, stepping in between the buyer and seller to become the buyer to every seller and the seller to every buyer. This novation process significantly reduces counterparty risk, the risk that one party will default on their obligations. The clearinghouse also calculates the net obligations of each participant, streamlining the transfer of funds and securities.

Finally, settlement is the completion of the transaction, where the securities are delivered to the buyer and the cash is delivered to the seller. This can occur on the same day (for same-day settlement) or on a future date, commonly T+1 (trade date plus one day) or T+2. The efficiency and reliability of post-trade processing are vital for market liquidity and investor confidence. Delays or errors in this stage can lead to significant financial losses and market disruption. Modern financial markets rely on sophisticated technology and regulatory frameworks to ensure smooth and secure post-trade operations.