Payments and offsets Settlement for your trades takes place three trading days after the trade, known as T+3. Cleared funds must be available in your nominated account at the start of the third trading day after your Buy order is executed. When you sell shares, the proceeds will be placed in your account overnight on the third trading day after the sale, and will be available to you on the next business day. Unless you tell us not to, we will offset payments when you buy and sell within a short time. 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. 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 Annas sale of shares)# * You need to ensure that cleared funds are available in your account by 9am on this day. # Credited to your nominated bank account overnight. 1. Offset applies: In the first example above, Anna can offset the sale against the purchase because she has sold on the next trading day after her purchase (T+1). 2. No offset applies: In the second example, no offset applies, because Annas sale is two trading days after her purchase. In that case, she pays for her purchase three trading days after the trade (T+3), and then receives the proceeds of her sale three trading days after her sale. Note that as she sold her shares on Wednesday, settlement takes place the following Monday, which is three trading days later.
