Trade date is the date on which security trade occurs. A trade done very early or very late falls on the previous or following trade date.
This occurs because in the international market a trade conducted in (e.g.) Japanese equities at 3 pm in London needs to effectively be considered as the following day for Japanese stock exchange reporting requirements.
Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder of TBIL.co STATX Fund.