Settlement period & pending investments
The settlement period is the period of time between the transaction date and the settlement date which is allotted to the parties of a transaction to satisfy the transaction's obligations. The buyer must make payment within the settlement period, while the seller must deliver the purchased investment within this period.
The settlement period for shares is two days, while funds take three to five days. Please note that cash raised from the sale of an investment cannot be withdrawn until the deal has settled.
Pending investments could include the following types of deals;
- Limits – A request to purchase or sell investments at a specific price.
- Out of hours – Any deals placed outside of market hours will appear in pending investments.
- Fund deals – A fund deal can be amended until the cut off at 10am at which point it is submitted to process. We will usually receive information on the price and full details of the deal in the following working day (although this can take longer depending on the fund), and throughout this period it will show in pending investments.
- Certificate lodgements – When sending certificates to us to be lodged, the process itself can take several days. Please contact our Transfers team if you need to check on the progress.
- Transfers-in – Investments transferred in from other providers may show before the process has completed. Please contact our Transfers team if you require assistance.
- Foreign stock – Purchases and sales of foreign stock take a little longer to complete. If you have a question please contact our Dealing team.
- Deal failed electronically – Your deal may not complete for a number of reasons. Please contact our Dealing team if you are concerned about a transaction.
- IPOs – You cannot cancel an IPO, although you can usually increase your application by returning to the application process.