Nature of Settlement
Settlement involves the delivery of securities from one party to another. Delivery usually takes place against payment, but some deliveries are made without a corresponding payment (sometimes referred to as a free delivery). Examples of a delivery without payment are the delivery of securities collateral against a loan of securities, and a delivery made pursuant to a margin call.
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“We know then the existence and nature of the finite, because we also are finite and have extension. We know the existence of the infinite and are ignorant of its nature, because it has extension like us, but not limits like us. But we know neither the existence nor the nature of God, because he has neither extension nor limits.”
—Blaise Pascal (1623–1662)
“A work of art is an abstract or epitome of the world. It is the result or expression of nature, in miniature. For, although the works of nature are innumerable and all different, the result or the expression of them all is similar and single.”
—Ralph Waldo Emerson (1803–1882)
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—David Hume (1711–1776)