Pay day. Same as account day or settlement day; the fourth and last day of the fortnightly
settlement on the London Stock Exchange, when securities are delivered to the buyer and paid
for, or when, if they are neither taken up (paid for in full) nor delivered but are carried over to the
next settlement, the differences on them necessary to balance the account are either paid or
received, as the case may be. For additional information see Settlement, The.
On the New York Stock Exchange there is a settlement every day except Saturday.