Whatever you do before 12 Noon should take effect later that day (in other words, you'll never know for sure what you're selling or buying at). If you make a change after 12 Noon, it should take effect the close of business the day after. It really depends on the system though since it can take up to 2 business days (perhaps longer). That's what they tell you when you fill out the electronic form, but it generally works as I just stated.Originally Posted by 2EASY
In your example, if you sell C & S before noon on the 21st, you'll be selling them at the closing price on the 21st (later that afternoon). You'll be buying the G at 21st rate (again, later that afternoon).
However, if you wait until later in the day (after 12 noon), you'll be buying and selling at the 22nd's prices.
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