3 ms·
what's really dumb is the fact it takes 3 days for a trade to settle. why can't I buy $SPY and get my money immediately? it's 2021, jeez.
by endisneigh 5y ago
what's really dumb is the fact it takes 3 days for a trade to settle. why can't I buy $SPY and get my money immediately? it's 2021, jeez.
- nightski 5y agoFrom what I have heard is that they are working towards 1 day settlement, which isn't too bad. Intraday settlement may sound good on paper but it also opens up a whole bunch of extra problems that you might not like.
- endisneigh 5y ago> From what I have heard is that they are working towards 1 day settlement, which isn't too bad. awesome - any more details? I saw this: https://www.cnbc.com/2021/02/24/wall-street-clearing-firm-proposes-1-day-trade-settlement-after-robinhood-controversy.html https://www.cnbc.com/2021/02/24/wall-street-clearing-firm-pr... I assume that's what you're referring to? > Intraday settlement may sound good on paper but it also opens up a whole bunch of extra problems that you might not like. I can imagine problems like liquidity or fraud on certain tickers, anything else? is it even possible to reverse a trade under any circumstances now?
- partiallypro 5y agoI agree, but that's an SEC rule and not something brokers can control.