NEXT-DAY FUNDS

In banking, it refers to the money that becomes available for use on the day after the day it is deposited. In investing, next-day funds are available the business day after a trade; however, most trades have used same-day funds settlement since 1996, based on the Group of 30's recommendations for improving settlement and clearance risk, cost and efficiency. Same-day funds are available the day the trade is completed or the day the funds are deposited.