# Commsec trade today T+3 question



## AngusSmart (29 July 2010)

I've bought 40000 of share x today @ .40c

tomorrow i want to sell share x for @ .42c

because there is a gap in the trading day. will i be deducted the 16k +brokerage on tuesday and then the next day be credited 16800??

or will it work differently?


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## DocK (29 July 2010)

*Re: T+3 question with Comsec split day trade*

This is from the Comsec FAQ section on the Contact & Support page:

If I buy then sell shares will the proceeds offset?

Yes, there are times when CommSec will offset your trades so only the difference of the executed trades will be direct debited or credited to you. This is referred to as ‘Contra’. CommSec will transfer the net amount to or from your settlement account when you either:

• Buy shares and then sell shares on the same day or the next trading day.
• Sell shares and then buy shares on the same day or the next two trading days.

An example of this is shown below:

Buy, then sell



 Day  1.Offset Applies                                       2.No Offset Applies                               
 Monday  Anna buys $10,000 worth of shares (T)  Anna buys $7,000 worth of shares (T) 
 Tuesday  Anna sells $7,000 worth of shares (T+1)   
 Wednesday    Anna sells $4,000 worth of shares (T+2) 
 Thursday  Anna pays $3,000 (T+3)  Anna pays $7,000 (T+3)* 
 Friday     
 Monday    Anna receives $4,000 (T+3 for Anna's sale of     shares)#



Sell, then buy

 Day  1.Offset Applies                                       2.No Offset Applies                                                
 Monday  Brad sells $10,000 worth of shares (T)  Brad sells $7,000 worth of shares (T)  
 Tuesday     
 Wednesday  Brad buys $7,000 worth of shares (T+2)   
 Thursday  Brad receives $3,000 (T+3)  Brad buys $4,000 worth of shares,                   Brad receives $7,000 (T+3)#

 Friday     
 Monday     
 Tuesday   Brad pays $4,000 (T+3 from purchase date)*

Hope that helps.


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## nunthewiser (29 July 2010)

*Re: T+3 question with Comsec split day trade*



AngusSmart said:


> I've bought 40000 of share x today @ .40c
> 
> tomorrow i want to sell share x for @ .42c
> 
> ...




Could always go into a trading halt before open and you need to comeup with the full amount.

There are other threads on this commsec method ....... i personally find it dangerous  but thats not the question asked.


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## AngusSmart (29 July 2010)

*Re: T+3 question with Comsec split day trade*

Cheers mate. went to the page to make better sense of it laid out int he table. 

you have relieved me! i bought something i shouldnt have today.. hopefully i can sell for the same price. and only cop the brokerage..

Thanks again. will sleep well tonite.


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## gooner (29 July 2010)

I think it may settle on Wednesday as Monday 3rd is a non-settlement day due to being a bank holiday in NSW


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## AngusSmart (30 July 2010)

Ah all good, just happy to **** that trade off. i've lost 1k on it.


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## craigj (30 July 2010)

i took a T + 1 trade with comsec the previous month and copped an early settlement  and direct debit rejection fee,  when i was in the right.

i emailed them and they refunded the fees


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