(1) Dissolution of assets or of a company by realizing the assets and settling the debts.

(2) Settlement of forward or future transactions on the exchanges, with specific dates stipulated ahead of time for the individual operations (option declaration, payment, delivery of securities, etc). The liquidation calendar is determined by the stock exchange board.

(3) Closing (squaring) a forward transaction in foreign exchange or precious metals by a corresponding contra transaction with the same due date.