Why negative settled cash on a cash account?

S

Star912

Hi,

I have a cash account. Today I closed a largish LSE stock (ETF) position. Then I tried buying EUR.USD (not CFD as far as I know) just so I would have an EUR balance in my account. I ultimately discarded this order before transmitting it.

Now, I'm not sure whether this has anything to do with my attempt to buy EUR with USD but when I go to my account window I see I have a negative "Settled Cash" and I can't actually buy EUR with USD if I try to now.

Maybe this has something to do with the LSE sell order and I have to wait for a bit for something to "settle" in my account?


Thanks!
 
Star912 said:
Hi,

I have a cash account. Today I closed a largish LSE stock (ETF) position. Then I tried buying EUR.USD (not CFD as far as I know) just so I would have an EUR balance in my account. I ultimately discarded this order before transmitting it.

Now, I'm not sure whether this has anything to do with my attempt to buy EUR with USD but when I go to my account window I see I have a negative "Settled Cash" and I can't actually buy EUR with USD if I try to now.

Maybe this has something to do with the LSE sell order and I have to wait for a bit for something to "settle" in my account?


Thanks!
More...

You should work with a Tier1 PB who offers real time settlement. Of course, this service is only being offered to the "preferred addresses" of this world....;=)
 
They got back to me and apparently I was in violation of the free riding rule. About real time settlement, I understand I will no longer be constrained by such rules anyway if I switch to a margin account.
 
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