Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Settlement definition

What does Settlement mean? In financial markets practice, settlement is the completion of a securities trade by delivering the securities to the buyer and paying the price to the seller, usually on a scheduled date after the trade (for example, T+2) and commonly on a delivery versus payment (DvP) basis. It is a descriptive market term rather than a single statutory definition, but is governed by legislation and market rules (including the UK onshored CSDR regime and the EU CSDR in Ireland, the Uncertificated Securities Regulations, the Settlement Finality Regulations, and central securities depository and CCP rulebooks). Key features include trade matching/affirmation, allocation of settlement...

Costs following settlement: court discretion, procedures and case law on pre-action, costs-only Part 8, global settlements, multi-defendant cases and interim applications (England and Wales)

Published by a LexisNexis Dispute Resolution expert

Practice notes

This Practice Note considers the Costs position where parties have reached a Settlement as to the underlying substantive dispute but have been unable to reach an agreement as to costs.

It addresses scenarios where compromise is reached before proceedings begin yet costs remain unresolved; in those circumstances, and where specified requirements are satisfied, a costs-only Part 8 claim can be issued to seek recovery. By contrast, if settlement is achieved after proceedings have started, a Part 8 route cannot be used. The Practice Note explains how parties may invite the court to make a costs order in the absence of agreement, and whether the court might insist on a full trial to determine the dispute over costs. It also looks at cases where an Application is settled but with no deal on the recovery of costs. This Practice Note does not cover the costs position in matters involving a Part 36 offer or a Calderbank offer. For commentary on the costs impact of those offers, see Practice Note: Settling disputes—settlement offers (Calderbank, WPSAC and Part 36)—Costs consequences—differences between Calderbank offers and Part 36 offers. This Practice Note does not consider...

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Web page updated on 21/05/2026

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