If you’ve ever traded FX, you know the devil is in the details — especially when it comes to value dates and holidays. Understanding when your trade actually settles can make all the difference between smooth execution and unexpected headaches.
From our experience, one of the trickiest parts is calculating spot dates accurately. Spot trades usually settle two valid FX settlement days after the trade date (T+2), but with exceptions — some pairs settle faster (T+1), and when USD is involved as an intermediate currency, the settlement rules get even more complex.
Here’s the catch: what counts as a valid settlement day isn’t always obvious. It depends on the holidays for both currencies involved, and sometimes even a third one if USD is the “bridge.” Missing just one holiday can throw off your entire schedule.
That’s why you can rely heavily on Swaps Monitor.
We are not just another calendar provider. We deliver precise, up-to-date currency holiday calendars and value date data tailored for every major and minor currency out there. This isn’t just helpful — it’s essential for anyone dealing with FX spot, forwards, swaps, or more exotic tenors.
Swaps Monitor data incorporates all the nuances — local currency holidays, special business day conventions like Modified Following or End of Month adjustments, and even those tricky cases where USD acts as the intermediate currency. With Swaps Monitor, you never have to second-guess whether a date is valid or not.
Whether you’re rolling a position, setting up a forward contract, or managing risk, getting the value date right is critical. At Swaps Monitor, we take the stress out of that process. You can use our data to run your own calculations — or let our API handle them for you.
Feel free to contact us at info@swapsmonitor.com for more info on FX value dates, holidays, and how to streamline your FX trade and currency settlements.