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Sri Lanka Equity Forum » Stock Market & Forum Help » Interest for Buying Power

Interest for Buying Power

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1 Interest for Buying Power on Wed Jun 08, 2011 3:13 pm

xhora

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Do we have to pay for shares we buy from buying power until those amounts paid back? if so what is the amount of interest.

I recently discovered my cash balance shown in DFN and figure i calculated are not tallying. I have used Buying power on few times and paid back before T+3 days.

2 Re: Interest for Buying Power on Wed Jun 08, 2011 3:33 pm

Pichchiya


Senior Equity Analytic
Senior Equity Analytic
How can I find my cash balance and the interest charged .Few times I was exceeded the T+ days to settle

3 Re: Interest for Buying Power on Wed Jun 08, 2011 3:37 pm

xhora

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
cash balance is shown under my account in DFN.

4 Re: Interest for Buying Power on Wed Jun 08, 2011 4:04 pm

Pichchiya


Senior Equity Analytic
Senior Equity Analytic
My broker is SC Sicurities and doing online trading.It doesn't show the cash balance.

5 Re: Interest for Buying Power on Wed Jun 08, 2011 6:48 pm

2011_NewComer

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@xhora wrote:Do we have to pay for shares we buy from buying power until those amounts paid back? if so what is the amount of interest.

I recently discovered my cash balance shown in DFN and figure i calculated are not tallying. I have used Buying power on few times and paid back before T+3 days.

Who is your broker?

6 Re: Interest for Buying Power on Wed Jun 08, 2011 8:24 pm

xhora

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Capital Trust

7 Re: Interest for Buying Power on Wed Jun 08, 2011 10:42 pm

2011_NewComer

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@xhora wrote:Capital Trust

Ok. Me too trading with same.
This is a mail I got from Minoli(Advisor) last month

Dear Investor,
Please note that it is mandatory to settle for the purchases on T+3 and after the 3rd working day the interest will be charged on your account automatically.


Then I asked this
Please let me know how much you charge (the rate) per day?
If I buy something today on credit and sell it tomorrow, am I charged interest or I get charged only if I fail to sell it before T+3 ?


Answer
The annual interest rate is 24%. After the 3rd day following your transaction, interest will be charged to your account automatically by the system. If you buy today and sell tomorrow then your cost will be covered and you will not be charged but if there is any outstanding in your account for more than 3 days following the transaction then the interest will be charged on that outstanding amount.

This might give you some idea.

Btw, if you have access to Atrade system, there in the account statement it show's if there's any interest is charged. But in DFN cash statement doesn't show any data.

Smile

8 Re: Interest for Buying Power on Thu Jun 09, 2011 12:21 am

wikum100


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@2011_NewComer wrote:
@xhora wrote:Capital Trust

Ok. Me too trading with same.
This is a mail I got from Minoli(Advisor) last month

Dear Investor,
Please note that it is mandatory to settle for the purchases on T+3 and after the 3rd working day the interest will be charged on your account automatically.


Then I asked this
Please let me know how much you charge (the rate) per day?
If I buy something today on credit and sell it tomorrow, am I charged interest or I get charged only if I fail to sell it before T+3 ?


Answer
The annual interest rate is 24%. After the 3rd day following your transaction, interest will be charged to your account automatically by the system. If you buy today and sell tomorrow then your cost will be covered and you will not be charged but if there is any outstanding in your account for more than 3 days following the transaction then the interest will be charged on that outstanding amount.

This might give you some idea.

Btw, if you have access to Atrade system, there in the account statement it show's if there's any interest is charged. But in DFN cash statement doesn't show any data.

Smile

but in cdxa pro you can see the interest charge for ,exceeding t+3 at client datails---account statement

9 Re: Interest for Buying Power on Thu Jun 09, 2011 12:29 am

xhora

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Thank you,
Good to here I may not have incurred any interest costs. Smile
anyway found my error I just added dividend to that too

My cash statement is not working. Hope they will fix it soon

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