In financial markets, settlement refers to the process of completing a trade. This includes the transfer of ownership of the assets being traded, as well as the payment of any associated funds. The settlement process typically involves a number of parties, including the buyer, the seller, their respective brokers or custodians, and often a central clearing counterparty or clearinghouse. The exact details of the settlement process can vary depending on the type of asset being traded and the rules of the particular market or exchange. In general, however, settlement is a crucial step in ensuring the smooth functioning and integrity of financial markets.