But the seller of the security is supposed to actually borrow the shares before the settlement date of the transaction.

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Some control procedures appear to have been predictable, being timed to take place shortly before the settlement date of futures contracts.

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Since any gains over the course of a swap agreement are considered unrealized until the next settlement date, timely payment from the counterparty determines profit.

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"It is a genuine opportunity to take stock of what the settlement has achieved to date and the challenges it may yet have to address in the years to come, " said the chancellor of Glasgow University.

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Purchases made until the date of the settlement would be eligible for refunds.

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For the avoidance of doubt, this Court shall retain exclusive jurisdiction and enforce any determination by the Mediator under the MLB Settlement (including, for avoidance of doubt, the Special Terms) that is issued after the Effective Date.

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Concentrating on such practical matters would also enable it to leave the really difficult questions about a new constitutional settlement for a later date.

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Manhattan federal Judge Katherine Forrest had set a May 27 trial date after lawyers for Taymor asked that the case move forward because a settlement was never finalized.

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