How do investors exchange stock certificates and funds?

Update : Jun. 22, 2012



Investors that execute regular transactions through securities companies are required to deliver the securities or cash to their respective securities company by 09:00 on the third business day after the trade date (T+3).

Thus for transactions on Monday, securities or cash must be delivered by 09:00 on Thursday; and for transactions on Friday by 09:00 on the following Wednesday.

However, it is common that retail investors have their securities and cash balance at their accounts held at the securities companies on the trade date (T). In this case, the securities company is to make debit or credit of the account of such investors on T+3.

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