Upon acceptance of a trade by the issuer, trades enter a settlement cycle. Buyers are required to make a payment for all purchases within 72 hours of the trade being cleared by the Issuer. Payments must be made in full and IOICM will not accept partial payments.
IOICM does not extend margin credit to the investors on the platform. Further, IOICM does not extend any other credit facilities to the investors.
Upon receipt of the payment from the Buyer, IOICM will promptly transmit the funds (net of commission) to the seller. In general, IOICM will transmit the funds to the Seller by noon of the next business day following the receipt of payment from the Buyer.
If Buyer fails to pay for the securities in full in due time, trades will be cancelled and securities will be automatically returned to the Seller’s holdings. Buyer who fails to pay for the securities purchased will have their account suspended for 90 days, meaning that the account holder will be able only to sell their securities.
