Buyers and sellers can negotiate settlement periods; however, standard time periods are usually used. For U.S. Treasury and agency debt securities, the customary settlement time, called regular way settlement, is the next business day. For municipal and corporate debt securities, the customary settlement period, often called corporate settlement, is three days.
See net settlement and settlement. American Banker Glossary
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In the money and bond markets, the standard basis on which some security trade are settled is that the delivery of the securities purchased is made against payment in Fed funds on the day following the transaction. Bloomberg Financial Dictionary
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Market standard for settlement and delivery, five business days or seven calendar days from the trade date. Also known as corporate settlement.
Financial and business terms. 2012.