Commsec T+3?

[vk2cjc]

Hi folks.

New to trading. I have an account with Commsec. They say they will offset the funds. And have a slightly clumsy exaple on their help pages.

If I sell stock, do I have to wait T+3 to buy stock with that money? Or will Commsec stand me good for funds owed?

cheers
Jack

 

[jimmyizgod]

Re: Commsec T+3???

Hi folks.

New to trading. I have an account with Commsec. They say they will offset the funds. And have a slightly clumsy exaple on their help pages.

If I sell stock, do I have to wait T+3 to buy stock with that money? Or will Commsec stand me good for funds owed?

cheers
Jack

you are fine to buy stock with that money (even if you have no cash in your account)

eg if you have $0 cash and sell $5000 of shares then buy $4000 of shares in another stock, after T+3 you will see $1000 in your cash account

 

[vk2cjc]

Re: Commsec T+3???

Thanks. I thought as much, but had to check.

cheers
Jack

 

[warennie]

Re: Commsec T+3???

If you keep a long string of trades going, sell one, buy one, sell one, buy one etc, all relying on the initial funds, then it wont balance your account out till T+3. I did this the other week for the first time and it was 7 days before the account funds changed, it also only gives you the finial amount, you wont see debits and credits for each transaction.

 

[mrthong]

comsec

hi guys. just wondering if i sold some stocks now, do i need to wait for the money to show up in my comsec cash management account before i could buy any stock?

 

[davede]

Re: comsec

hi guys. just wondering if i sold some stocks now, do i need to wait for the money to show up in my comsec cash management account before i could buy any stock?

Hi,

You don't have to wait. Because of the T+3 settlement rules you don't have to have any money in your account at all until settlement occurs.

Commsec has a FAQs area with most of these types of questions answered.

 

[bellenuit]

Re: comsec

hi guys. just wondering if i sold some stocks now, do i need to wait for the money to show up in my comsec cash management account before i could buy any stock?

Download the Client Guide pdf from CommSec's website. It explains how T+3 works and gives examples of their offsetting feature. Offsetting is where they allow you to buy and sell shares within a short time interval (up to 2 days apart) even though the proceeds of the sale may not be available when you are required to settle a buy order.