Forex positions held until their Value Date, and Interest on Unrealised Profit/Loss

Time of rollover


Open Spot Forex positions held at the end of a Trading Day at 17:00 New York local time will be rolled over to a new Value Date on a Tom/Next basis immediately after the change of trading day, approximately at 03:00 CET*. 



*Currencies subject to special market conditions will be rolled over to a new Value Date on a Tom/Next basis approximately at 10:00 CET.



The Tom/Next credit/debit


As part of the Tom/Next rollover operation, FX positions are subject to a swap charge or credit. The calculated swap charge or credit are referred to as “Swap Point” and are added to/deducted from each FX position’s original traded rate.

The Swap Points are calculated as follows:
A proprietary Tom/Next swap rate is calculated based on a number of factors, including the interest rate* differential between the traded currencies and a Tom/Next swap feed from a Tier-1 bank. The relevant mark-up/down applicable to the client relationship is subsequently added/subtracted. The final rate is used to adjust the original traded rate.

* = Daily market overnight interest rates are used.

Interest on unrealised profit and loss:

Any unrealised profit or loss on the position being rolled is subject to an interest credit or debit.



Calculation of profit or loss:


The unrealised profit and loss is calculated as the difference between original trade rate (possibly corrected for previous Tom/Next rollovers) and the rate of the traded currency cross at 17:00 New York local time.



* For currencies subject to special market conditions the rate of the traded currency cross at 08:15 CET will be applied.



Applicable rate:


The rate is calculated based on daily market overnight interest rates plus/minus the mark-up/down applicable to the client relationship. The final rate is used to adjust the original traded rate.

Total Tom/Next overnight charge:

The total Tom/Next overnight credit/debit is the sum of the two above final rates.