When the money actually arrives: settlement

Cash settlement for the buyer and delivery of the securities for the seller happen SIMULTANEOUSLY, on T+2, at the depositary Tunisie Clearing. Neither leaves before the other: that is why you never have to trust your counterparty.

In practice: the proceeds of a sale are NOT reusable the same day. Sell on Monday to buy something else and the cash is only there on Wednesday — a buy order placed in between rests on a balance you do not yet have.

The delay counts TRADING days, not calendar days: a weekend or a public holiday extends it accordingly.