Sweeping
a.k.a. P&L sweep
Converting profits and losses earned in other currencies back into one base currency, such as US dollars,…
In plain English
Converting profits and losses earned in other currencies back into one base currency, such as US dollars, at the end of each day.
Sweeping is end-of-day housekeeping. If you trade EUR/GBP, your profit or loss is actually in pounds. Sweeping converts those pound gains or losses into your account's currency, often US dollars, so your balance is all in one currency.
Brokers usually do it automatically. It matters because the conversion rate affects your final result: a profit in yen is worth less in dollars if the yen weakened before it was swept.
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