Following the change in the settlement speed for U.S. stocks from T+2 to T+1, Tiger Brokers has aligned the settlement speed options for currency conversion of your account's securities segment with such change for your convenience.
Detailed as follows:
What is T+1 settlement?
T day is a certain trading day that your order gets filled (even partially), and the day on which such order is settled is its settlement day. Take US stocks for example: if you sell a US stock on a Wednesday, you would be able to withdraw its proceeds the following day - Thursday, if that Thursday is a trading day.
The T+1 currency conversion option should allow you to convert all your settled cash and cash to-be-settled on the next trading day (e.g. US stocks traded on T day), subject to our daily maximum conversion cap and availability.
How does US stocks' T+1 settlement change affect my financing interest?
Financing interest for US stocks etc. will accrue from T+1.
How does the new T+1 currency conversion settlement affect my trading?
When you sell products with a T+2 settlement speed like HK stocks, its proceeds would not be included in the amount available to be converted under the T+1 conversion option on the same trading day. It will only be available to be scheduled for conversion the next trading day under that option. After your scheduled conversion order is accepted, such to be settled amount will be included as purchasing power of the same target currency denomination for products with T+1 settlement speed.
Would the new T+1 currency conversion affect the exchange rate?
No, the exchange rate will be the one quoted to you when you put through your currency exchange order, inclusive of foreign exchange fee.
Would the new T+1 settlement speed for US stocks apply to futures contracts?
No, this change does not apply to futures contracts, nor would it affect the currency conversion in your account's future segment.