On this day, the exchange will deliver the share or make payment to the other broker,

Pay-in day T+2 Day Transaction Day None of the above

T+2 Day

On the T+2 day, the exchange will deliver the share or make payment to the other broker. This is called the pay-out day. The broker then has to make payment to the investor within 24 hours of the pay-out day since he has already received payment from the exchange.