Trading Funds - Westpac Broking

shortlist · 9 September 2009

lasty said:
Technically you own the shares for the 13 minutes.

OK, thanks Lasty. I owned the shares for the 13 minutes, OK. For the sake of argument, if I had $10,000 in my Westpac account, and I bought $5000 of shares at 11:30, and at 11:43 they were worth $5100, and I sold them, where would the $100 profit be at 11:43 - in my trading account or sat somewhere else for three days? (Forget about fees for the purposes of this example).

milothedog · 9 September 2009

the profit would be paid in T+3...eg 3 days after your sell

shortlist · 9 September 2009

milothedog said:
the profit would be paid in T+3...eg 3 days after your sell

OK, thanks Milo - and is that T+3 standard procedure for most online brokers? Westpac, Commsec, Etrade, IB, etc? I really have no idea.

milothedog · 9 September 2009

Yes all brokers settle on a T+3 basis for share transactions...IB (as far as I know are) derivatives traders...derivatives don't work on T+3.

shortlist · 9 September 2009

milothedog said:
Yes all brokers settle on a T+3 basis for share transactions...IB (as far as I know are) derivatives traders...derivatives don't work on T+3.

Thanks mate - I'm learning a lot on here, that's for sure.

Trading Funds - Westpac Broking

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