Why won't my broker allow me to sell one stock and buy another on the same day?

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October 2016
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When a stock is sold in an account, the cash does not settle for 3 business days. In the business, it is called T+3 settlement. If there is no settled cash in the account and it is NOT a margin account, then the broker will not allow the same day purchase of another stock because there is no cash in the account and no provision to loan the cash for the 3 day settlement period. To do otherwise is referred to as "free riding" which is not allowed. 

February 2006