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pugnut
07-04-2005, 02:56 PM
Hi,

Can someone clarify what a T+3 on a buy order is? Does it mean you can place a buy order without the funds in your account, but you must deposit them within 3 days? I.e. Can I buy some stock today, even If my account doesn't have the funds, then transfer funds in tomorrow,.

Any help is much appreciated.

Thanks,

07-04-2005, 03:59 PM
Ring your broker and find out how they work.

whiteheron
07-04-2005, 08:58 PM
pugnut

It depends what sort of A/c you run

If your broker places your order follow Enigmas advice

If you trade online the money will need to be in your A/c when you place your order

stormrose
07-04-2005, 09:55 PM
It means that settlement is in 3 days time. The broker will take the money in 3 days time.

However, the broker will probably want some reasonable proof that you can and will settle. Funds in account and/or matching sells on other stock help.

There are penalties for missing settlement. Ask your broker.