Commsec trade today T+3 question

[AngusSmart]

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?

 

[DocK]

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.

 

[nunthewiser]

Re: T+3 question with Comsec split day trade

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?

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.

 

[AngusSmart]

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.

 

[gooner]

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

 

[AngusSmart]

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

 

[craigj]

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