Brokers that don't have T+3 settlements

Can anyone name a few brokers that don't make you wait for the funds to settle before you reinvest that money? Are there also brokers that have a shorter settlement date ie one or two days?

 

no I haven't find one, used to be 5 days waiting I believe.

 

You need a margin account in order to have immediate use of the proceeds from sale of securities. It is against the law for the brokerage to do otherwise.

 

I know, my assumption is he has cash account only.

 

Oh no... I meant with margin. I emailed MB and they said you have to wait even with a margin account...

 

They are different. Those rules apply to cash accounts....

 

What the hell?

I never heard of a broker making you wait 3 days to use proceeds from sales in a margin account.

To answer your question: ANY broker besides the one you're currently using is fine.

 

So only in cash accounts are the T+3 settlement rule... but usually with margin accounts there isn't a settlement date you have to wait for?

 

The only Settlement date you have to wait for in a Margin account is the one related to you withdrawing funds from your account....

Not to trade with.

 

Oh thanks for the info. Thats weired then that a rep at MB said there is a settlement period I would have to wait for.