A settlement cycle is written as the number of business days from the trade date to the settlement date. If the trade date is a Monday, the T+1 settlement date is Tuesday and the T+2 settlement date is Wednesday. Holidays in between add calendar days.
In the United States, a final rule the SEC adopted on February 15, 2023, moved the standard settlement cycle for most broker-dealer transactions from T+2 to T+11. The rules also let parties settle on a different date if they expressly agree to it at the time of the transaction1.