Tom-Next
a.k.a. Tomorrow Next, T/N, Tom/next
A short swap that moves a currency position's settlement from tomorrow to the next day, used to roll positions overnight.
Tom-next (short for tomorrow-next) is the mechanism behind rolling a forex position overnight. It is a pair of trades: close the position for settlement tomorrow and reopen it for settlement the day after. The small difference in price between the two reflects the interest-rate gap between the currencies.
Retail traders never see it directly. They see the result as the swap or rollover fee on their statement. Banks and big traders, though, quote and trade tom-next rates every day.
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