请教什么是 deferred settlement

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Medibank shares will initially trade on a deferred settlement basis, meaning sellers and buyers can make deals from midday (AEDT) but the transaction will not be completed with full payment until a later date.

不太明白deferred settlement。是说即使commsec账号里没有MPL，也可以买卖？只要在最后transaction date （a later date，12月2日）前账号里有就可以？

这是commsec的消息

Medibank Private Ltd (MPL) opens for trading on Tuesday the 25th of November 2014 at 12pm (AEDT).

If you have applied via the CommSec Broker Firm offer you can sell your shares by calling 13 15 19 or + 61 2 9115 1417 (8am-7pm, Sydney time, Monday to Friday); please have your Client ID and phone PIN ready when you call.

If you have applied through the Medibank General Public Offer and have supplied your CommSec Holder Identification Number (HIN, which starts with the letter ‘X’) you may be able to trade by calling 13 15 19 or + 61 2 9115 1417 (8am-7pm, Sydney time, Monday to Friday), provided we can verify your holdings. Please have your details ready when you call.

You will be able to trade online from Tuesday 2nd December 2014.

If you applied under the General Offer but did not provide a HIN you will receive an Issuer Sponsored allocation. This allocation can be sold online once you have received a Shareholder Reference Number (SRN, which starts with the letter ‘I’) from the registry, which is expected to be posted from Thursday 4th of December 2014.

CommSec cannot sell your stock without a verified stock holding linked to a verified HIN or SRN.

Please note that trading will be under deferred settlement with normal trading commencing on Friday 5th of December 2014, the first settlement date being Wednesday 10th December 2014.