3.7.8. Cash Settlement and Delivery of Securities
With respect to cash accounts, securities traders must pay for purchased securities by the regular way settlement date, meaning that payment must be made by the second business day after the trade date (T + 2) and the securities cannot be remarketed until the payment has been made. (Please note that prior to September 5, 2017, trade settlement was T + 3.) With margin accounts, member firms provide a line of credit to cushion the two-day settlement period, allowing customers to trade securities before a sett