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Rollover & Interest

 
What Is Rollover

The delivery day can be extended to the next trading day in the settlement, which is called rollover.

The parties of a FX trade (interbank market) normally execute at the current exchange rate in the FX market and take delivery two days after the trading day. But for positions in FX margin trading, the actual delivery day can be infinitely extended through rollover. In other words, clients can hold their positions for a long term and don’t need to worry about the delivery. This is also available to spot gold CFD and spot silver CFD. To roll over a position, the trading system will automatically calculate the floating profit/loss using the close price of the trading day and reflect it in the effective margin in the account summary. Rollover will generate no commission charge.
 
Swap Interest

Swap interest is the interest accrued from interest rate difference between two currencies traded during rollover. Swap means exchange. What exchanged is in this context is interest rate of different countries. Because of different economic situations, different countries have different interest rates. If one buys a currency with a higher interest rate and sell a currency with a lower interest rate and holds the position to the next trading day, he/she can collect interest. On the contrary, if one sells a currency with a higher interest rate and buy a currency with a lower interest rate and holds the position to the next trading day, he/she will pay interest. For example, the interest rate of Australian Dollar is higher than the one of Japanese Yen. So when you buy AUD/JPY and hold the positions to the next trading day, you can collect the net interest, which is the difference between you collect the interest of Australian Dollar and you pay the one of Japanese Yen. On the contrary, you will pay the interest. The FX swap interest is settled at the moment of market close.

   

﹡Swap interest accrues from FX outstanding positions held to rollover, and will be debited or credited in the account balance.
﹡Swap interest also accrues on holidays.
﹡Swap interest based on the interest rate of two different countries will be published in “View----Product Facts” of the trading platform. ﹡The running method of swap interest is the same as FX deposit. With the changes of a country’s economic conditions, its interest rate will be adjusted at any time. In other words, the swap interest in the future may be collected or paid more than present, or may be less.

 

 
 
Interest

Spot CFD such as gold and silver accrues interest for rollover, while futures CFD such as crude oil, copper, soybean, wheat and corn doesn’t.
Calculating Formula: Open Price×Contract Size×Buy/Sell Interest Rate/365×Lot(s)×Days

Example:

Effective Date Product Contract Size Interest Rate(Buy) Interest Rate(Sell)
2018/6/19 Spot Gold (XAUUSD) 10 troy ounce -2.7500% 0.7500%
2018/6/19 Spot Silver(XAGUSD) 100 troy ounce -2.7500% 0.7500%

Spot gold CFD
On Thursday(2018.6.21), sell and buy 1 lot spot gold CFD respectively at the real-time price of 1270.00/1270.50, the interest collected and paid for rollover are:
Sell: 1270.00 ×10×(0.7500%/365)×1×1=0.26 dollar
Buy: 12701.50×10×(-2.7500%/365)×1×1=-0.96 dollar

Spot silver CFD:
On Thursday(2018.6.21), sell and buy 1 lot spot silver CFD respectively at the real-time price of 16.200/16.250, the interest collected and paid for rollover are:
Sell: 16.200 ×100×( 0.7500%/365)×1×1=0.03 dollar
Buy:16.250×100×(-2.7500%/365)×1×1=-0.12 dollar

   

The above content refers to the regular account. The Contract Size Pip Size and necessary margin per lot of the mini account are 10% of regular account .
With the outstanding position of buying gold or silver to rollover, interest should be paid; While with the outstanding position of selling gold or silver to rollover, interest should be collected. (It may vary with market conditions.) Please refer to “View----Product Facts” in the trading platform for the latest interest rate.

 

 
 
Interest Days

The interest day is determined basing on the difference of delivery date between buying and selling instead of the difference of transaction date. The delivery is usually made within 2 days after the transaction. For example, with the outstanding positions to rollover from Wednesday to Thursday, the actual delivery date is respectively on Friday and next Monday, which is the reason that rollover on Wednesday needs to pay interest of 3 days. While with the outstanding positions to rollover from Friday to next Monday, the actual delivery date is respectively on next Tuesday and next Wednesday, which is the reason that rollover on Friday only needs to pay interest of 1 day.
Usually, the interest day of a week from Monday to Friday is counted by 1day, 1day, 3days, 1day and 1day. But when it’s on Christmas Day or New Year’s Day, the rules of the interest day in a week may vary with the conditions.