Mesh works on a pre-funded basis. As soon as an order is placed, the mZAR stablecoin is committed. Once the order is confirmed, settlement is instant. 

In other words, during the subscription period, you can subscribe to the bond instrument by clicking the "Place Buy Order" button and then allocating how many tokens or notes you want to buy. This is the Primary Market where once you place a "Buy Order" Mesh allocates the funds (mZAR) from your account to the instrument, which means your subscription is registered and your funds have been allocated. Your funds remain allocated and can't be accessed by either party until the subscription period has ended.

Once the book closes (at the end of the subscription period), the instrument is officially issued and the number of tokens that you've subscribed to will be transferred to your account and the allocated funds (mZAR) will be transferred to the Issuer's account. This transfer happens at the same time and is termed "settlement".

It is upon settlement that subscribers become the registered owners of the instrument's tokens.