What is the regular-way settlement date for a U.S. Treasury bill sold in the secondary market on Thursday, March 14?

In the context of U.S. Treasury securities, regular-way settlement for Treasury bills (T-bills) typically occurs the next business day after the trade date. When a T-bill is sold in the secondary market, the transaction is executed on a specific day, in this case, Thursday, March 14. Consequently, the settlement date, which is when the buyer needs to pay for the T-bill and the seller transfers ownership, would be the following business day, which is Friday, March 15.

This timing is crucial as it aligns with the standard practices in the securities industry. Treasury bills, being short-term debt instruments, follow this settlement period to ensure liquidity and operational efficiency. Therefore, the correct answer reflects the established rule regarding the settlement of T-bills in the secondary market.