In practice, this means that all orders executed in one fortnightly period, have to be settled on the fourth day after this fortnightly period. An investor buying or selling on the first day of a fortnightly period, can consider himself the owner from the first day of that period on. The payment, however, is executed at least fourteen days later. An investor buying on the last day of the fortnightly period becomes the owner from this last day on and will heve to settle his account four days later. But the most important criteria for selecting a company for one of the segments is the liquidity of the listed security .
Liquidity is synonymous for the tradeability of a security.
Evidently, a company with a limited number of shares listed at the Stock Exchange, will have a fairly low liquidity. Less shares of this company will be traded, resulting in less price fixings for this company.