Commsec settlement policy

[auswill1989]

Hey guys! I'm really new to share trading and I think I may have stuffed up today..

This morning I was holding $10000 in Stock A and $0 in bank. Before I went to work I put in a sell order for $10000 of Stock A and a buy order for $10000 worth of Stock B. I was sure that Stock A would sell but it didn't! So the sell order never went through but the buy order for $10000 of Stock B did...

The buy order settlement date for stock B is 13/05/2009. If I sell Stock A on Monday for $10000 will there be any problems? or will there be problems because settlement date would be 14/05/2009 for Stock A.

Also these made me wonder could you buy and sell the same stock within the same day without having any funds in your bank account? and commsec credit/debit the profit/loss?

Really appreciate your help guys! I feel a bit stupid!

 

[vincent191]

I suspect you will have to pay some sort of fees. It is all computer generated, so if the timing is not in your favour you will get a nasty email and a fee. Let us know what happen ok.

 

[awg]

I would not be overly concerned.

the non-settlement fee is stated on the website

it isnt much

u can ring them till 7.00pm i think

they will just probly give u the corporate guff, specially on a late friday arvo.

so long as your sale goes thru Mon, they may not even charge you, under the circs.

as to the 2nd part of the question, it does highlight one of the dangers of day trading with too small a capital base, especially if a TRADING HALT occurs

 

[investorpaul]

the fee is about 50 odd dollars but if it was your first trade just phone them and say you got confused and wasnt sure what happened and they will refund it.

 

[lowwy]

You can sell stock B on Monday. You won't incur the settlement fee, overdrawn fee and the black mark, but you pay the brokerage.

 

[nathanblack]

Also these made me wonder could you buy and sell the same stock within the same day without having any funds in your bank account? and commsec credit/debit the profit/loss?

i would like to know that answer too. it used to be possible through comsec, but not everytime i go to sell(regardless of how long ive held stock) a warning about short selling appears and "naked" short selling.

you look in your portfolio page and they arent credited to your account until T+3 so is selling before then considered naked shortselling?

also there T+C seem to imply that buying / selling on same day will incur additional fees?

anyone actually bought then sold all in one day? were there additional charges

thanks

 

[jono1887]

You'll be fine if you sell on Monday... both trades will get settled on Wednesday... read this http://www.comsec.com.au/public/sharepacks/ClientGuide.pdf
page 3 tells you how it all works with the T+3 and all than....

but will your stock still be worth $10,000 on Monday??? or you'd be

 

[auswill1989]

You'll be fine if you sell on Monday... both trades will get settled on Wednesday... read this http://www.comsec.com.au/public/sharepacks/ClientGuide.pdf
page 3 tells you how it all works with the T+3 and all than....

but will your stock still be worth $10,000 on Monday??? or you'd be

One can only hope it is haha I think I was a little too optimistic this morning :| but anyway thanks a ton for the link! Thats the exact information I was after thanks to everyone else that replied aswell!

 

[jackson8]

i would like to know that answer too. it used to be possible through comsec, but not everytime i go to sell(regardless of how long ive held stock) a warning about short selling appears and "naked" short selling.

you look in your portfolio page and they arent credited to your account until T+3 so is selling before then considered naked shortselling?

also there T+C seem to imply that buying / selling on same day will incur additional fees?

anyone actually bought then sold all in one day? were there additional charges

thanks

hi
yes you can buy and sell same day with commsec . then the difference is either credited to debited to your account t+3 may have a cap on how much you may purchase on any one day according to your prior transactions with them

 

[jono1887]

hi
yes you can buy and sell same day with commsec . then the difference is either credited to debited to your account t+3 may have a cap on how much you may purchase on any one day according to your prior transactions with them

Really a cap?? I wasnt aware of this... so they stop you from making any more purchases or sales if you exceed a certain limit??

has anyone experienced this before?

 

[cutz]

Of course there's a cap, as you holdings increases so does your buying power.

 

[jono1887]

So this cap is based on your capital?? say i have 10k... shouldnt there be no limit say if i bought 10k worth, sold 10.5k work, bought 10.5k worth, sell 11k worth and so on for an unlimited number of times in a single day?? (theoretically)

 

[cutz]

So this cap is based on your capital?? say i have 10k... shouldnt there be no limit say if i bought 10k worth, sold 10.5k work, bought 10.5k worth, sell 11k worth and so on for an unlimited number of times in a single day?? (theoretically)

jono,

I think they give you a 25K credit to start with so i assume 25K plus your 10K equals 35K on your first trade.

Check it out for yourself, it's somewhere on the website, i'm not 100% sure on initial limits.