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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Gary Wisdom who wrote (48575)	6/11/1998 8:06:00 PM
From: Gullapalli	Read Replies (1) \| Respond to of 61433

Gary, T + 3 means trades MUST be settled in three days. It used to be 5 days. About 5 years ago they reduced it to 3. During that time, brokerages usually make money on the float. That is, if you are the seller and I am the buyer, even if I pay the first day, you will get it only on the third day. The brokerage earns interest on that money. It is the floats, margin interests, lending securities for short traders is where the brokerages make big bucks, not on commissions ...