Bank of america forex settlement
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Small Business Innovation. Thank you! You have successfully joined our subscriber list. Get our hottest stories delivered to your inbox. Due to differences in time zones and bank processing delays, the value date for spot trades in foreign currencies is usually set two days after a transaction is agreed on.
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The value date is the day that the currencies are traded, not the date on which the traders agree to the exchange rate. The value date is also used in the bond market to calculate accrued interest on a bond. Calculation of accrued interest takes into account three key dates — trade date , settlement date , and value date. The trade date is the date on which a transaction was executed.
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The settlement date is the date on which a transaction is completed. The value date is usually, but not always, the settlement date. The settlement date can only fall on a business day - if a bond was traded on Friday trade date , the transaction will be deemed complete on Monday, not Saturday. The value date can fall on any day as seen when calculating accrued interest, which takes into account every day of a given month.
The value date is also used when evaluating coupon bonds that make semi-annual interest payments. For example, in the case of savings bonds , the interest is compounded semi-annually, so the value date is every six months. This removes any uncertainty for investors since their calculations of interest payments will be the same as the governments.
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Key Takeaways A value date refers to some future point in time at which the value of an account, transaction, or asset becomes effective. In banking, the value date is when funds are posted to an account and available for immediate use. For trading, the value date is the time at which a transaction is fully cleared and settled.
Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Terms Trade Date A trade date is the month, day and year that an order is executed in the market.