November 2011
Beginner
335 pages
9h 33m
English
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Factor Swap Points
In our Australian dollar/U.S. dollar example, factor closing price by the difference of interest between pairs divided by 360 multiplied by the number of lots.
1.9336 × 0.04/360 days × 100,000 = $2.1484
Brokers may charge a fee, 10 percent for some, to handle this and any rollover transaction. Why? Because brokers must employ a Tom/Next trade. Tom/Next is the short-term terminology to mean Tomorrow Next. Tom/Next rates are found in the interbank market and don't widely vary from day to day. Spot/next or spot/starts are further terms. In order for the account to be debited or credited, the trade must be closed then reopened for the next day's trade. If Tom/Next is not employed, a trader would have to take delivery of the currencies ...
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