Definition
T+0 refers to trade settlement on the same day the trade executes, or in the strictest interpretation, instantly at the time of execution. In traditional equities, the move from T+2 to T+1 (completed in 2024 for US equities) has been the historical direction of travel; T+0 is the emerging target that atomic settlement infrastructure makes possible. In digital assets, many trades settle at T+0 by default because blockchain confirmation timelines are measured in seconds or minutes rather than days, though operational finality and counterparty credit considerations can extend effective settlement for some workflows.
Example
A BTC trade on a centralized exchange executes and settles within the exchange's internal ledger instantly (T+0). A cross-exchange transfer then requires on-chain confirmation, which can take minutes, adding operational T+0 latency even when the trade itself settled instantly.
How Liquid Mercury Handles This
Mercury Pro's OMS tracks settlement finality distinctly from execution, surfacing the difference between trade execution and effective settlement so the operations team has a clear view of capital availability.