Ok, one last post. Yoda, This crossing of posts can be a problem. There are brokers that allow this all the time. That is one reason for the T+3. As an example, suppose a person owns 300 shares of UTX and actually has the stock certificates. If they sell the 300 shares of UTX, the broker will execute the trade for the client but expect that the stock certificates be deposited into the account in T+3. This also applies to cash & even margined accounts. In fact, that's what a daytrading call is. If you exceed buying power, you are required to deposit funds in T+3 to cover. Fohat, I think I do understand T+3 well enough for the purposes of this discussion.