The value date is the date a transaction actually takes effect – when shares change ownership, or when money is released. It’s often a day or more after the date you place the trade.
Value date for trades
When you buy or sell an investment, there are two dates to know:
- Trade date – the day you place the trade. This is also when the price is agreed.
- Value date (or settlement date) – the day ownership and payment actually change hands.
How long this takes varies by market and by the type of investment, and settlement rules can change over time – so rather than list fixed timeframes here, you can always check the exact value date for any trade you’ve made:
- Select the i icon next to the position in your platform to see its details, including its value date.
| Important: Settlement only happens on working days, so a value date never falls on a weekend or public holiday – it moves to the next working day. |
You’ll always pay or receive the price agreed on the trade date, not the price on the value date – the value date only affects when the transaction completes, not what you paid.
Value date for bank transfers
For a bank transfer, the value date is the date the funds are actually released.
If you sell an investment and want to withdraw the proceeds before its value date, the withdrawal can only be processed once that value date arrives.
Example: you have £1,000 cash in your account and sell shares for another £1,000. If you request to withdraw £2,000 straight away, the earliest this can be processed is the value date of the share sale – not the day you placed the trade.