T plus two business days Starts Sept 5 2017

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Shakespeare
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Re: T plus two business days Starts Sept 5 2017

Post by Shakespeare »

what's the worse that can happen if you make a mistake with settlement issues?
You can be charged interest at very high rates - happened to me once when I bought GICs (T+0) the day prior to maturity of a bond, forgetting that GICs are T+0 not T+1. The interest was forgiven after a phone call, but I never made that mistake again.
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Quebec
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Re: T plus two business days Starts Sept 5 2017

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Shakespeare wrote: 13 Nov 2017 18:31 You can be charged interest at very high rates
That was in a registered account? Why did you not wait for the bond to mature before replacing it with a GIC? Why did the brokerage let you buy the GIC without cash in your account?
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Re: T plus two business days Starts Sept 5 2017

Post by Shakespeare »

I thought the settlement was T+1 for the GIC.
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Re: T plus two business days Starts Sept 5 2017

Post by Quebec »

OK, I've updated the finiki article on Settlement with a new section, Practical implications. Please have a look and improve it, or report back here. Thanks!
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Re: T plus two business days Starts Sept 5 2017

Post by Peculiar_Investor »

On TDDI this morning there was a message
WebBroker wrote: 29 Jun. 2020 U.S. Independence Day special settlement

Please note that all trades on Tuesday, June 30, for certain securities that trade in U.S. dollars on Canadian exchanges, will be subject to a special T+3 settlement on Monday, July 6, to accommodate the Independence Day holiday.

If applicable, trading in the corresponding securities which trade in Canadian dollars will not be affected by these special settlement rules.

If you need assistance, please contact an Investment Representative at 1-800-465-5463. To help you connect faster, log into the TD App and choose Contact Us.

Thanks for choosing TD Direct Investing.
I'm guessing this isn't specific to TD Direct Investing and is an oddball because of which business days Canada Day and Independence Day line up to this year.

Posted just in case someone is doing some trading today that relies on T+2 settlement.
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