Notes

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Back in the day we were treated to what was called "T+5" settlement on stock requirements. Someone could call into (my then employer) Dean Witter Reynolds, deliver their information, place a trade to get 100 shares of "XYZ" stock, while not having to pay for 5 business days (hence the T+5 = trade date plus five days to get ready the cash). If the stock was down before settlement, individuals just didn't pay. Utilised to be out with the loop consequently - but it really really made me sick to my abdominal area.

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