hi all, i have a few questions.
i've noticed that after a trade, commsec determines a settlement day about five days from the point of trade.
my questions are:
1. are there any brokers that have a shorter settlement day?
2. suppose i just bought some shares, can i sell them before the settlement day has arrived? i understand this is day trading, and must be therefore possible. however when i try to sell the shares, commsec says "you must own the shares" and that "naked short selling" is not allowed. what does this all mean?
thanks for any assistance.