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FX pricing
Execution prices
| Instrument | Classic | Platinum | VIP |
|---|---|---|---|
| EUR USD | 0.6 | 0.5 | 0.4 |
| GBP USD | 0.7 | 0.6 | 0.4 |
| EUR JPY | 0.7 | 0.6 | 0.4 |
| USD JPY | 0.6 | 0.5 | 0.4 |
| AUD USD | 0.5 | 0.4 | 0.3 |
| Live and historical spreads | Live and historical spreads | Live and historical spreads |
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)
The swap points used are calculated using market swap prices from Tier-1 banks, plus/minus a mark-up corresponding to a certain percentage of the Tom/Next swap rates, details in below table. The final rate is used to adjust the opening price of the position4.
| CLASSIC | PLATINUM | VIP | |
| Tom/Next Swap points | +/-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.
| Day | Value Date | Position | Description |
|---|---|---|---|
| Mon | Today (“T”) | +100,000 | » Trade to buy 100,000 EURUSD T+2 at 12.00 GMT
|
| Tue | T+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 |
| Wed | T+2 | » Realised profit/loss available in Positions module from 00.00 GMT » Forex Rollover report available from 04.00 GMT |
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).
- 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. - 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.
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