Swap Rates

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

Tom/Next rollover

• Time of roll-over
  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 approximately at 10:30 CET.

Interest on unrealised profit and loss

Any unrealized 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 08.15 CET.
• Applicable rate
  The rate is calculated based on daily market overnight interest rates (Reuters Contribution feed) 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.