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In case of day trading, a sell order needs to have a buy order before settlement. I believe it is based on client ID. Not at exchange perspective.
for example, a person can be client with broker A as well as with Broker B. He can not do the buy with one broker and sell with another broker.
Even though it is the same person, the exchange bound to treat both are from different persons.
Is my understanding is correct?
Yes, you are correct….
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