its on team, page-94

Wang, Re: T+3, you have a number of correct answers but it can depend on your Broker and your (negotiated terms). Strictly speaking if you sell on the third day ie (buy Monday sell Wednesday) then you are clear and should not be required to put up settlement monies on Thursday. I took one of the BIG Bank / Brokers to VCAT a few years back and won several hundred $ in compensation for that they regarded as correctly applied penalties for not adhering strictly to their "interpreted term of trade". They subsequently banned me from trading (in retaliation) but they have subsequently missed out on huge fees as naturally I merely changed Brokers and I now deal (fortunately) in some very big numbers. I have even heard of some brokers granting 14 day and even 30 day accounts despite claims "it does not exist" and "against the rules" etc. Some Brokers truly let you "Buy on Credit" even though it is again supposedly against the rules. Moral No truly fixed rules just depends on your muscle or clout.