Asked on 06 Jul 2020
Hi! Appreciate any answers!
1) I am intending to contra a stock. Lets say if I were to buy on Monday, when is the latest I can sell it, is it Wednesday or Thursday? I seen around other forums and posts, some say T+2, some say T+3 and others say within 3 days but i am not sure if that includes trading day so I am quite confused.
2) And if lets say (touchwood), I bought with the intention to contra, but forget to sell what will happen?
P.S Using DBS Vickers if anyone needs to know
Well..it should not pose a problem because with DBS Vickers cash upfront account you "cannot" contra.
So if you bought it on Monday and forgot to sell it ..good for you...you save yourself the hassle of rejected selling.
T = trading day Monday.
+2 = Tuesday and Wednesday.
Cash Settlement day = Thursday. ( Maybe can sell if account indicated payment settled )
Sell = positively Friday.
If you want to CONTRA you must be on the cash account $25 or 0.28% and not on the "cash upfront" account.
$10 or 0.12% .
Contra you buy anytime ( before lunch?) and sell anytime (after lunch ?) but might have to pay interest on the number of days you borrowed money...since the shares you trade is not yours.
Anyway...I am learning too... So apologies for any inaccuracies ...thanks.