Brokers that don't have T+3 settlements

Discussion in 'Order Execution' started by jczorch, Apr 12, 2007.

  1. jczorch

    jczorch

    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?
     
  2. nkhoi

    nkhoi Moderator

    no I haven't find one, used to be 5 days waiting I believe.
     
  3. 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.
     
  4. nkhoi

    nkhoi Moderator

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

    jczorch

    Oh no... I meant with margin. I emailed MB and they said you have to wait even with a margin account...
     
  6. They are different. Those rules apply to cash accounts....
     
  7. 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.
     
  8. jczorch

    jczorch

    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?
     
  9. 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.
     
  10. jczorch

    jczorch

    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.
     
    #10     Apr 12, 2007