Value Date
a.k.a. Settlement date
The day a trade actually settles and the money changes hands.
In plain English
The day a trade actually settles and the money changes hands.
The value date is when both sides of a currency trade deliver. For most spot trades it is two business days after the trade date, skipping weekends and holidays in either currency's country. USD/CAD usually settles one day after.
Value dates matter for interest: you earn or pay interest on a currency from its value date. That is why rolling a position forward with tom-next involves a small interest adjustment.
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