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The second set is the TORQ data for 144 NYSE firms for November 1990 through January 1991, when the regular-way settlement period was five days.
Individual investors placed 80.5% of the orders for nonstandard settlement, compared with 45.3% of the orders for regular-way settlement. Agency orders for nonstandard settlement comprised only 17.7% of the nonstandard-settlement orders, compared with 27.1% of the regular-way orders, This difference (p [less than] 0.0001) is consistent with the use of nonstandard settlement by individual investors seeking liquidity.