Same Day Transaction
a.k.a. Value today, Cash trade
A currency trade that settles on the same day it is agreed, instead of the usual two business days.
In plain English
A currency trade that settles on the same day it is agreed, instead of the usual two business days.
A same day transaction settles today: the currencies actually change hands on the trade date. Most spot forex settles two business days later (T+2), so same-day settlement is the exception, used when a company or bank needs the money urgently.
It is only possible if both currencies' payment systems are still open, which means cut-off times matter, and it is usually priced slightly differently from a regular spot trade.
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