On this day the exchange will deliver the share or make payment to the other broker ........

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On this day, the exchange will deliver the share or make payment to the other broker,

Pay-in day

Pay-out day

Transaction day

None of the above

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Explanation:

- Transaction day: This is the day when the trade is executed between the buyer and seller. No delivery or payment happens on this day.

- Pay-in day: This is when brokers must deliver the securities sold or make funds available to the exchange for shares purchased. It's about "giving in" the securities or money, not about receiving them.

- Pay-out day : This is the day when the exchange actually delivers the securities to the buyer broker or pays the funds to the seller broker. Settlement happens on this day.

- None of the above: Not applicable as pay-in and pay-out are standard terms.

Correct Answer: Option 2 - Pay-out day