deferred net settlement
as defined in Regulation (EU) No 909/2014 of the European Parliament and of the Council of…, Article 2(1), point (50) (Definitions)
a settlement mechanism whereby cash or securities transfer orders in relation to securities transactions of the participants in the securities settlement system are subject to netting, and whereby settlement of participants’ net claims and obligations takes place at the end of predefined settlement cycles during or at the end of the business day