What is the settlement cycle for SLBS transactions?

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Day	Description
T Day	The transaction between the lender and borrower is executed on T day.
T+1 Day	The lender is required to deliver the securities for pay-in on T+1.  The securities are then transferred to the borrower during pay-out on T+1. The borrower in turn shall bring the lending fees on T+1, which shall be transferred to the lender during the pay-out on T+1.
Reverse Leg Settlement Date	The borrower has to deliver the securities at the time of pay-in, which shall be returned to the lender.

*T- Trade Day