Stock Exchange Settlement period

AgentWD40

I recent sold some stock and the T+3 settlement period ends today ( shares sold last Thursday ). My broker tells me the funds will be available tomorrow, but I'd have thought they should be available after the stock market close of business today.

Can anyone shed some light on this discrepancy?

Chrismaths

Close of business is 4:30pm. Banks also close at this time. Therefore your funds will be available tomorrow.

AgentWD40

Sorry if I wasn't clear. The funds available in my account at the broker. The BACS transfer out to my bank account is another matter

i.e. if settlement - money actually changing hands - happens at T+3, the money should be in my account at the broker that night, not the following day. The money has to be somewhere. T+3 expires at 16:30, where's the money between then and the following day?

Chrismaths

It's at the brokers. But what are you going to do with it at 6pm? It's not as if you can stick a card in a machine. Either you want to have it paid to you (via BACS or CHAPS), or you want to trade on it. You can't do either after 4:30pm.