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A trade confirmation will be generated at the end of the day and mailed to you to notify you of your obligation to make payment or deliver marketable securities on or before the “settlement” date.
The settlement date is three business days after the “trade date.” This means that when you buy securities, your payment must be received by your brokerage firm no later than three business days after the trade is executed.
In most securities transactions, the spread is so small that there is little difference to you whether the transaction is agency or principal, but in some transactions, especially penny stock transactions, the spread can be huge and can result in significant losses to the investor.
If your trade was a principal trade, your confirmation will say so.
The clearing broker places the order, generates the confirmation and handles the payment.Securities and funds are not held by the introducing broker but by the clearing broker.