Effective Janurary 1, 2006 the Settlement Cycle of T+3 (three days after the trade) was introduced as a rolling Settlement Cycle for all trades. Settlement of trades is facilitated through the Real Time Gross Settlement System (RTGS) of the Central Bank of Barbados (CBB). RTGS facilitates the transfer of money from one bank to another in real time. "Real Time" settlement means transactions are not subject to any waiting period and are settled as soon as processing is complete. The BCSDI uses Bank of International Settlement (BIS) Model 2 mode of settlement where securities are settled in gross (on trade-for-trade basis) and funds are settled in net (payment obligationsare collated by the broker and a net-to-pay or net-to-receive position is reached). Once processed, all payments are final and irrevocable.