FX pricing

Find details of our industry-leading FX spreads and low financing costs.

Execution prices

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Forex

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Financing details

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 EUR-USD trade executed on a Monday will settle on a Wednesday (if there is not a public holiday in either currency on Tuesday or 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 to satisfy the trade’s obligations. 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. Tom/Next swap points (Forward Price)
Bid/ask interest rates for each currency are derived from swap points quoted by Tier-1 banks. Client specific mark-ups are added to the derived interest rates, which are then used to calculate swap points for each currency pair. These swap points are used to adjust the opening price of positions4 being rolled next business day2.

 CLASSICPLATINUMVIP
Tom/Next Swap Points (Forward Price)
Mark-up/down rates3+/-0.60%+/-0.50%+/-0.45%

2. Financing of unrealised profit/loss (Financing Interest)
Any unrealised profit/loss on positions that are rolled from one day to the next are subject to an interest credit or debit. The unrealised profit/loss is calculated as the difference between the opening price of a position (possibly corrected for previous Tom/Next rollovers) and the Spot price at the time that the rollover is performed.

The rate is calculated based on the daily market overnight interest rates plus/minus a mark-up corresponding to +/- 2.00%. The final rate is used to adjust the opening price of the position4.

Example: Buy 100,000 EURUSD Spot on Monday, Sell 100,000 EURUSD Spot on Tuesday.

DayValue DatePositionDescription
MonToday (“T”)+100,000» Trade to buy 100,000 EURUSD T+2 at 12.00 GMT

 

TueT+1-100,000» Trade to sell 100,000 EURUSD T+2 at 03.30 GMT
» Opening (buy) position rolled from T+2 to T+3 at 10.00 GMT5
» Unrealised profit/loss available in Positions module from 10.00 GMT 6
» End-of-day files available from 10.00 GMT
WedT+2» Realised profit/loss available in Positions module from 00.00 GMT
» Forex Rollover report available from 04.00 GMT

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. NZD, which rolls forward at 07.00 New Zealand Daylight Time.

3 An additional +/- 0.30% mark-up is applied to Mexican Peso (MXN), Russian Ruble (RUB), Turkish Lira (TRY) and South African Rand (ZAR) currency crosses.

4 Applicable to the default rollover methodology.

5 From a Best Execution perspective, the market price for each currency is observed in the trading session with the best liquidity on average. This means that market prices in all currencies, except SGD, HKD, CNH, THB, are observed in the European session between 08.00 and 10.00 GMT. For SGD, HKD, CNH and THB, market prices are observed at 14.00 Hong Kong Time.

6 The opening price of the position is adjusted by the Forward Price and Financing Interest, at which time unrealised profit/loss is available to view in Positions module.

Crypto FX positions do not settle into physical crypto. Instead, Crypto FX positions have a rolling value date and any open positions held at the end of a trading day (17.00 Eastern Time) are rolled forward to the next available business day depending on the fiat currency.

The rollover is made up of two components; the Tom/Next swap points and the Financing of unrealised profit/loss (Financing Interest).

  1. Tom/Next swap points
    The overnight financing rate applied to Crypto FX positions is determined by various factors including the crypto lending market, the futures market and general market conditions. The Tom/Next swap points are derived from the interest rate differential between the crypto funding rate and the interest rate on the fiat currency.

    The current Crypto FX funding rate applied is 15% p.a. for long positions and 0% for short positions plus/minus an interest rate markup depending on your account tier; corresponding to +/-3.45% (classic clients), +/-2.70% (Platinum clients) and +/-2.33% (VIP clients). The final rate is used to adjust the opening price of the position on a daily basis.

    If the crypto funding rate for long positions exceeds the 15% p.a. level due to market conditions such as high volatility, a floating rate equal to the prevailing market funding rate is used instead. The final rate consisting of the crypto funding rate and the interest rate markup stated above is used to adjust the opening price of the position.
  2. Financing of unrealised profit/loss (Financing Interest)
    Any unrealised profit/loss on positions that are rolled from one day to the next are subject to an interest credit or debit. The unrealised profit/loss is calculated as the difference between the opening price of a position (possibly corrected for previous Tom/Next rollovers) and the Spot price at the time that the rollover is performed.

    The rate is calculated based on the daily market overnight interest rates plus/minus a markup corresponding to +/- 2.00%. The final rate is used to adjust the opening price of the position.

Tom/Next and Financing interest charges can be seen in the trading platform under Account > Other > Trading Conditions > Trading rates.

Rollovers on individual positions can be viewed in the platform under Account > Historic reports > Forex Rollovers.

To review historic swap points on Crypto FX pairs please click here.

Find more information about our general charges here.

In order to provide full transparency to clients, we publish the swap points used for the Tom/Next rollover once a day.

To review the historic swap points click here.

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