4 ms·
> And all withdrawals must be processed by T+2. I've never seen this notation before. Does it refer to blocks, hours, or (gasp!) days?
by wyldfire 5y ago
> And all withdrawals must be processed by T+2.
I've never seen this notation before. Does it refer to blocks, hours, or (gasp!) days?
- jcranmer 5y agoGiven the typical settlement time of financial systems, I would assume it's days.
- Animats 5y agoTrade day plus 2 business days.[1] This is the standard in the securities industry for most transaction settlements. Not paying on time is called a "fail". There are penalties. For US stockbrokers, FINRA enforces them. In the real world, a broker failing to pay out cash on time to multiple customers is a Big Deal. Alerts come up on Bloomberg terminals. It's headline news. Institutional investors stop sending trades to that broker and start demanding collateral. The SEC, FINRA, NASDAQ, NYSE, the Fed, and other become involved. See the collapse of Bear Sterns. [1] https://en.wikipedia.org/wiki/T%2B2 https://en.wikipedia.org/wiki/T%2B2
- randomhodler84 5y agoCompletely dumb and enabling of high finance scams. Instant settlement means nobody can play games. It fixes this. Embrace this.
- Animats 5y agoSome delay is useful in catching scams. See [1]. But not much delay. 2 days is a useful compromise. [1] https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery
- randomhodler84 5y agoYou have to catch them before settlement — that is the only logical and safe way. Any delay just lets the supposed holder mess about with stealing from one to pay another. If you act like every action is permanent, irrevocable… you conduct your life with care. It’s a radical deviation from the fun and games occurring today.
- xeromal 5y agoNot sure what the sentence means