Financial settlement periods used to be much longer. Before the early 1990s at the London Stock Exchange, for example, stock could be paid for up to 10 working days after it was bought, allowing traders to buy (or sell) shares at the beginning of a settlement period only to sell (or buy) them before the end of the period hoping for a rise in price. This activity was identical to modern day trading, but for the longer duration of the settlement period. But today, to reduce market risk, the settlement period is typically T+2 (two working days) and brokers usually require that funds are posted in advance of any trade. Reducing the settlement period reduces the likelihood of default, but was impossible before the advent of electronic ownership transfer.