Settlement refers to the transfer of legal ownership of shares to the buyer, and the transfer of cash to the seller. Once a trade has been executed, it takes T+2 days for the settlement of shares and cash to occur. This settlement period is outlined by the ASX and applies to all Australian share market trades, including those executed through Syfe.
'T' refers to the Trade Date - the date that the order was executed, and 'T+2' refers to the Settlement Date - the date when the funds are transferred to the seller's account in exchange for the securities. It's important to note that settlement does not occur over the weekend. For example, if your sell order executed on Friday, you would receive your settlement funds before close of business (between 4 - 7pm) on Tuesday. Only once the funds after a sell trade have settled would you then be able to withdraw this amount.