Tom/Next Rollover

 

 

Tom/Next Rollover

Tom/Next credit or 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.

Swap Points

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.
 

Historic Swap Points

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