HUGE NEWS FOR TRADERS:))READ.Beginning September 5, 2017 Shorter Trade Settlement Period
We're writing to make sure you know about an important upcoming change in U.S. securities markets.
What’s changing
The Securities and Exchange Commission (SEC), in cooperation with the financial services industry, is shortening the trade settlement period for many types of securities from three business days to two. This new rule is designed to increase efficiency and reduce risk. Products affected by the change include stocks, corporate bonds, municipal bonds, ETFs, and mutual funds, among others.
NO ACTION IS REQUIRED FROM YOU. The shortened settlement period will take effect automatically on Tuesday, September 5, 2017.
What this means to you
If you sell a security, you’ll receive cash one day sooner
If you buy a security, it will be delivered one day sooner
If you are using margin, purchases will create a settled debit balance one day sooner and selling will decrease your settled debit balance one day sooner
You will have one less day to execute a tax-lot swap
Learn more
For more details, you can call your Platinum Relationship Manager or visit our FAQ. There, you’ll find a full list of affected securities, plus information on how the new rule impacts margin calls, ex-dividend dates, tax-lot swaps, and more.
