Finanzierung

FX Value Date Rollover

The FX spot market is used for immediate currency trades. The term spot refers to the standard settlement convention of two business days after the trade date (known as T+2)1. For example, a GBPUSD trade executed on a Monday will settle on a Wednesday (provided that there is not a public holiday in either country on the Wednesday, in which case the trade will be settled on the next available business day). The settlement period refers to the amount of time that is allotted to both parties in order to satisfy the trade’s obligations - the buyer must make the payment and the seller must deliver the security. 

At Saxo, FX spot trades do not settle. Instead, open positions held at the end of a trading day (17.00 Eastern Standard Time) are rolled forward to the next available business day2.

The rollover is made up of two components; the tom/next swap points (Forward Price) and the financing of unrealised profit/loss (Financing Interest). 


1 The standard settlement convention of T+2 is applicable for the majority of currency pairs; however there are exceptions to this rule e.g. USDCAD, which has a settlement convention of one day after the trade date (T+1).

2 The global market convention is that the value date rolls forward at 17.00 Eastern Standard Time, however there are exceptions to this rule e.g. NZDUSD, which rolls forward at 07.00 New Zealand Daylight Time

Tom/Next swap points (Forward Price)

The swap points used are calculated using the tom/next swap feeds from Tier-1 banks, plus/minus a mark-up corresponding to +/- 0.45% of the tom/next interest swap rates. 

Financing of unrealised profit/loss (Financing Interest)

Any unrealised profits or losses on FX spot positions that are rolled from one day to the next are subject to an interest credit or debit. This is added to the swap points to calculate the rollover credit or debit.

Unrealised profit/loss is calculated as the difference between the opening price of a position and the spot price, at the time that the rollover is performed between 07.00 and 09.00 GMT. 



Historic swap points

In order to provide full transparency to clients, Saxo publishes the swap points used for the tom/next rollover once a day.

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