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Tom/Next Rollover

With any FX position that is held overnight debit or credit interest rates are reassessed to take account of the position being rolled over to a new Value Date. This operation, a "Tomorrow Next Rollover", applies to open spot positions at 17:00 Eastern Standard Time (in New York) on any given trading day.

Two components are involved in the "rollover": the tom/next swap points and financing of unrealised profits or losses. 

The accumulated combined rollover credit or debit is added/deducted from the previous opening price of the position.

 

Swap points

The Swap Points used are based on a Tom/Next swap feed from a Tier-1 bank with a mark-up corresponding to +/- 0.45% of daily market overnight interest rates, plus the interest component described under 'Interest on unrealised Profit and Loss' below. 

 

Unrealised P/L

Any unrealised profits or losses on the Forex spot position being rolled from one day to the next are subject to an interest credit or debit. These are added to the swap points to calculate the rollover credit or debit. 

The unrealised profits or losses are calculated as the difference between the original traded rate (possibly adjusted for previous Tom/Next rollovers) and the end of day rate of the traded currency cross at 17:00 Eastern Standard Time (New York time).

 

Forex Rollovers Report

You can view the rollover history on your FX positions in the Forex Rollovers report under the Account tab.

Each FX position is recorded in the Forex Rollovers report, which also displays the opening price, swap adjustment, value dates, resulting price and other relevant information. 

Intraday FX positions are not subject to rollovers.

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