Standard settlement in Euroclear takes place in a batch on "value date - 1" (at 4 pm), to allow trades which are not included in this batch to be settled on value date, the daylight indicator can be used. The MT 540 instruction will contain an indicator which notifies Euroclear whether a transaction can be put forward for settlement intra-day. This is the "Daylight Indicator" and will be set on all transactions with Euroclear. However, to ensure they are included within intra-day settlement, the counterparty within Euroclear (ie, participant B) must also indicate intra-day settlement can take place.