Understanding Forex Rollover (Swaps)
A forex rollover/swap is best described as the interest added or deducted for holding any currency trading position open overnight. It is important therefore, to consider the following aspects of rollover/swap charges:
Rollover/swaps are charged on the client's forex account only on the positions kept open to the next forex trading day. The rollover process starts at the end of day, precisely at 23:59 server time. There is a possibility that some currency pairs may have negative rollover/swap rates on both sides (Long/Short). When the rollover/swap rates are in points, the forex trading platform converts them automatically into the account's base currency. The rollover/swaps are calculated and applied on every trading night. On Wednesday night rollover/swaps are charged at triple rate. The rollover/swap rates are subject to change. For the most up-to-date rollover/swap rates, please refer to the Market Watch panel in our MetaTrader 4 and simply follow the steps outlined below: Right click inside the Market Watch Choose Symbols Choose the desired currency pairs in the pop-up window Click the Properties button on the right side Rollover/Swap rates for the particular pair are displayed (Swap long, Swap short)
RISK WARNING: Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves substantial risk of loss. It is possible to lose all the initial capital invested. Therefore, Forex and CFDs may not be suitable for all investors. Only invest with money you can afford to lose. So please ensure that you fully understand the risks involved. Seek independent advice if necessary.
RISK WARNING: Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves substantial risk of loss. It is possible to lose all the initial capital invested. Therefore, Forex and CFDs may not be suitable for all investors. Only invest with money you can afford to lose. So please ensure that you fully understand the risks involved. Seek independent advice if necessary.
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How To Read Interest Rate Swap Quotes.
Interest rate swaps are popular over-the-counter (OTC) financial instruments that allow an exchange of fixed payments for floating payments (often linked to LIBOR). Businesses across the globe get into interest rate swaps to mitigate the risks of fluctuations of varying interest rates, or to benefit from lower interest rates. (See related: Video explaining Interest Rate Swap and How to Value Interest Rate Swaps.) We explain how to read interest rate swap quotes.
Multiple websites offer quotes for interest rate swaps. Here are sample quotes for a 10-year interest rate swap from two sites:
The details presented in the quote contain the standard open, high, low, and close values based on daily trading. Note that the unit for interest rate swap quotes is "percentage(%)," which indicates the annualized interest rate. Hence, a value of 1.96 actually means annual interest rate of 1.96%. While applying this on quarterly or semi-annual basis, this rate needs to be down-scaled to fit the duration.
Any values indicating percentage change figures (like %Change from Previous Close or %Change from 52 week high/low) need to be looked at carefully. For example, in the y-chart quote, the last field “Change from Previous” shows -1.51%. This is a percentage change = (last value/previous value -1)*100% = (1.96/1.99-1)*100% = -1.51%. This is not a simple subtraction. Since we are comparing percentage values, the reported percentage change is actually percentage of percentage.
Depending on the details covered by individual data providers, there can be additional fields like standard deviation and 100-day average of quoted values.
The most important fields, which an interested market participant looks for in a price quote, are the bid and ask values. These are the values on which the trading or transaction takes place.
To understand the price quotes for interest rate swaps, let’s assume a company CFO is in need of $500 million in capital for a 10-year term. She can either take a loan or issue securities like notes to acquire the required capital. She prefers a fixed-rate loan to guard against any intermittent increase in floating interest rates, but currently has the option of issuing only floating rate notes.
She decides to issue a floating interest rate note (LIBOR plus 100 basis points), and enters into a pay fixed/ receive floating interest rate swap contract to secure protection from varying interest rates.
She contacts a swap dealer who quotes the following for interest rate swaps:
Assume that the above rates are semi-annual rates, on actual/365 basis versus six-month LIBOR rates (as termed by the dealer).
Any end-user (like the CFO) who wishes to pay fixed (and hence receive floating rate) will make semi-annual payments to the dealer based on a 2.20% annualized rate (ask rate) on the actual/365-day convention. Any end-user who wishes to pay floating (and hence receive fixed rate) will receive payments from the dealer based on the 2.05% annualized rate (bid rate) The dealer has a (2.20-2.05 = 0.15% = 15 basis point) spread, which is his commission. (See: Market Maker Definition.)
The CFO will enter into the first category of “pay fixed receive floating” swap for her requirements. She will receive the LIBOR rate from the dealer and pay 2.2% to the dealer on the notional amount of $500 million. The issued floating rate note will pay LIBOR+1% to the note holders. Effective net payable = +LIBOR – 2.2% - (LIBOR +1%) = - 3.2% (negative indicates payable).
Alternatively, interest rate swap quotes may also be available in terms of a swap spread. However, it should be noted that the swap spread in an interest rate swap quote is NOT the bid-ask spread of the swap quoted values. It is the differential amount that should be added to the yield of a risk-free Treasury instrument that has a similar tenure. For example, assume 10-year T-Bill offers a 4.6% yield. The last quote of a 10-year interest rate swap having a swap spread of 0.2% will actually mean 4.6%+0.2% = 4.8%. (See related: Introduction to Treasury Securities.)
Interest rate swap quotes vary from standard price quotes of commonly traded instruments. They can appear puzzling because the quotes are effectively interest rates, quotes may be provided as swap spreads, and the quotes may follow local OTC market conventions. Market participants should take due care in understanding the quotes before entering into swap contracts.

Forex swap rates table

Fxcm vs gft forex Forex secrets by timothy lucarellis restaurant Comprehensive forex trading course Ea forex terkini Martingale method in forex You have noticed for sure, that if you leave any transaction open, the next day you will notice the minor change of your account balance even if during this period have not been made any trading activities. A forex swap rate is defined as an overnight or rollover interest (that is earned or paid) for holding positions overnight in foreign exchange trading. Compare Forex Swap Rates (Foreign Exchange Overnight Rollovers) - For Carry, Swing and Long-Term Forex Trader.
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What is a Forex Swap Rate?
When trading spot Foreign Exchange (Forex trading), all Forex trades will settle two business days from date of entry, as per market convention.
Cash Indices and Commodities will settle at the end each business day (server time 00:00).
Vantage FX is not involved in the physical delivery of trades, thus all positions left open at the end of the trading day will be rolled over to a new value date and will therefore have exposure to a swap charge or credit.
Please note: For Forex trades held open from Wednesday to Thursday as per server time, the new value date becomes Monday, rather than the weekend. This means the rollover charge on a Wednesday evening will be three times the usual value indicated on the table.
As cash indices and commodities are same day settlement, holding trades over the weekend from Friday to Monday will carry three times the usual value as it accrues the three days of swap.
Also please note there is no overnight swap on Crude oil as they are directly derived from the Futures contract.
How are Forex Swap Rates.
Forex Swap rates are affected by market conditions and the interest rate of the affiliated countries of the chosen Forex currency pair. The daily released rates are calculated by our financial institutional partners using risk-management analysis. Each Forex currency pair has its own Forex swap charge. Interest is paid on currency sold and received on currency bought.
How do I get the Most Up-to-Date Forex Swap Rates?
For the most up-to-date Forex swap rates, please refer to the Market Watch panel in our MetaTrader 4 (MT4) platform.
Simply follow the steps outlined below:
1. Locate your product in the ‘Market Watch’ window. Right click, and select ‘Symbols’.
2. Select the product you wish to view from the list. Select ‘Specifications’.
3. Here you can view the Forex swap rates for both long and short positions.
For more information, please feel free to contact us.
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Investing in over-the-counter derivatives carries significant risks and is not suitable for all investors. Information provided is of a general nature only and does not take into account your objectives, personal circumstances or needs. The PDS and FSG are important documents and should be reviewed before deciding to enter into any over-the-counter derivative transactions with Vantage FX Pty Ltd.
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