T+0 (trading plus 0 days) is the abbreviation of securities trading settlement system. In academic research and practical business, T+0 can be subdivided into T+0 trading system and T+0 settlement system.

Generally speaking, the funds obtained by selling stocks on the same day can buy stocks on the same day, and the stocks bought on the same day can be sold on the same day (T+0 transaction), while the securities and funds are cleared and delivered on the day when the transaction actually occurs (T+0 settlement). The above two cannot be confused. T+0 settlement is a necessary and sufficient condition for T+0 transaction.

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The difference between T+0 trading system and T+0 settlement system

Strictly speaking, the concept of "T+N" should actually refer to the settlement system, while investors in China's market usually talk about "T+0 transaction", and the two cannot be confused. The first "t" of "T+N" is "Transaction" in English, which means that investors have equal rights to trade securities in two directions, that is, investors can sell first and then buy, and sell first and then buy on the same day. Therefore, for overseas securities markets, T+0 trading is a basic trading mechanism, which embodies the equality of investors' trading rights.

In fact, T+0 transaction does not need to change the settlement system to T+0 settlement, and there is no conflict between them in law and practice. China A-share market is T+ 1 trading and T+ 1 settlement, while most overseas markets such as the United States are T+0 trading and T+2 settlement.

Baidu encyclopedia -T+0 transaction