We would like to take an opportunity to better explain how our swaps work:

Our MT4 is configured to roll (T+2) FX pairs by 1 day on a Monday, Tuesday, Thursday and Friday and roll by 3 days on a Wednesday. This is to reflect how the value date of an FX position rolls in the underlying market. For example:

**Example 1:**

Today is Monday. EURUSD value date is Wednesday. At 5 pm NY time (9 pm GMT) tonight EURUSD’s value date will roll from Wednesday to Thursday which is 1 calendar day. Hence the roll on a Monday in our MT4 is always set to 1 day. The swap value we need to charge in this example is 10 MT4 points (10 per day). Therefore, we quote “10”as MT4 knows that on a Monday it will charge 1 times the value we input. 1 * 10 = 10

**Example 2:**

Today is Wednesday. EURUSD value date is Friday. At 5 pm NY time (9 pm GMT) tonight EURUSD’s value date will roll from Friday to Monday which is 3 calendar days. Hence the roll on a Wednesday in our MT4 is always set to 3 days. The swap value we need to charge in this example is 30 MT4 points (10 per day). We quote only “10” as MT4 knows that on a Wednesday it will charge 3 times the value we input. 3 * 10 = 30

**In the event of a holiday**

In the event of a holiday the value date rolls in line with market convention. For example:

Today is Wednesday. We’ll pretend there is a holiday on Monday. EURUSD value date is Friday. At 5 pm NY time (9 pm GMT) tonight EURUSD’s value date will roll from Friday to Tuesday (it can’t roll to Monday as Monday is a holiday) which is 4 calendar days. The swap value we need to charge in this example is 40 MT4 points (10 per day). We quote “13.33” as MT4 knows that on a Wednesday it will charge 3 times the value we input. 3 * 13.33 = 40