Swaps

A swap is an operation in which a broker closes existing positions on one date and simultaneously opens a new position on a later date at an agreed-upon price. When a swap is executed in the Daily operations section, two trades are created in the platform, which roll the position over to the next trading day:

• A Close rollover (formed with the price from the indicator Close quote amount) trade closes the position at the end of the current day;
• An Open rollover (formed with the price from the indicator Open quote amount) trade opens a position at the beginning of the next day.

Value dates include holidays.

According to the Interest Rates and Swap markups settings configured in Tariffs, the difference between the quoted amounts of generated trades is calculated - the Swap price.

Details on calculating the swap price are described in the Swap calculation article.

The swaps table contains the following information:

Name	Description
Account	The account to which the position to be swapped belongs;
Instrument	the instrument for which the swap is displayed;
Amount	Amount of the instrument in the position.
From Value Date	The value date of the trade before the swap is made;
To Value Date	The value date of the trade after the swap is made;
Close rate	The closing rate of the trade for the instrument.
Open rate	The opening rate of the trade for the instrument.
Close quote amount	The calculated amount of the instrument in the transaction at the time of its closing;
Open quote amount	The calculated instrument volume in the trade at the time of opening: Closing Quote Volume - (Lots in Position * Swap Rate * Days in Swap).
Swap cost	swap price in quote currency: Open quote amount - Close quote amount taking into account the sign
Intraday swap	Displays Yes if the instrument is swapped intraday (usually instruments with the TOD tenor or if Intraday Swap is enabled for the account in Netting Settings).
Price (pips)	The swap price in pips.
Status	Swap status. Ready means the swap is ready to be executed. Exists means the swap has already been executed. Descriptions of the remaining statuses are provided below in the article.

The swaps table provides filtering by Instrument, Asset type and swap Status.

Making swaps

By clicking the Make swaps button at the top of the section, all swaps available for the selected day will be executed.

Each individual swap in the table can be canceled by clicking the Cancel swap button.

Multiple swaps can be executed or cancelled in this section by selecting them in the table and clicking the Make swaps/Cancel swap button at the bottom of the screen.

Important! When performing swaps using the arrow button in the Daily operations section, the system uses existing swap rates. When performing swaps using the Make swaps button in the row of each individual swap in the Position Trades ➝ Swaps subsection, the swap rates (Close rate and Open rate) set in the pop-up window are used. In the fields Close quote amount and Open quote amount, you can specify the quoted amount of the instrument at the time of opening and closing the swap trade.

Please note! To display statuses that have already been completed, you must enable the Show existing checkbox at the top of the section.

Cancelling swaps

The Cancel swap button next to an individual swap allows you to cancel an already executed swap for a position with an instrument on the account and has the Existing status:

The Submit button will confirm the cancellation.

If you check the Cancel newer swaps checkbox, the platform will also cancel all the executed swaps on position in future days.

When canceling swaps on accounts with the swap type setting Open by AVP in Netting settings, created nettings and conversions are also deleted.

Bulk Operations

When you select multiple swaps using the checkboxes and click the Make Swaps button at the bottom of the screen, a sidepage will open allowing to make only the selected swaps:

If necessary, you can set the Transaction date and time (the time of execution) in the platform and send swap information via the FIX protocol by checking the Must be sent to FIX checkbox.

After clicking the Make swaps button in the sidepage, the swaps will be made and the corresponding trades will be displayed in the platform.

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When already executed (with the Existing status) swaps are selected the button Cancel swaps appears at the bottom of the screen. The button opens a similar sidepage, allowing to cancel the selected swaps:

By checking the 'Cancel newer swaps' checkbox, the platform will also cancel all swaps on the selected positions executed in future days.

After clicking the Cancel swaps button in the sidepage, the swaps will be canceled, and the swap trades will be deleted from the platform.

Statuses and common errors for incorrect swap processing

Below are descriptions of the statuses that prevent swaps from being processed and the day from being closed.

Expired

The Expired status means that the swap was not processed on a previous day, although it should have been made daily from the date it occurred. For example, if a swap is in the Expired status on November 18, it should have been processed on November 17 and all preceding dates (excluding weekends, if applicable).

Causes:

• Failure to process swaps on previous days (as noted above).
• Several subsequent swaps may have been cancelled, blocking the processing of previous ones.

Important! The From value date and To value date dates for the swap must be continuous and correspond to daily processing.

Example of correct dates (for an instrument with the tenor SPOT):

Trading day - 11.11. From value date - 12.11, To value date - 13.11.

Trading day - 12.11. From value date - 13.11, To value date - 14.11.

Status adjustment:

• Cancel later swaps, if they have already been executed, to unblock earlier ones.
• Execute swaps in the correct chronological order, starting with the earliest date.

Second Swap

The Second swap status occurs if, after a swap has been made on an account, additional trades are added to it for the same instrument and with the same value date. As a result, the system creates a separate swap for them.

Status adjustment:

1. Select the trading day on which the status occurred and check the Show existing checkbox to display existing swaps.
2. Find swaps for a specific instrument that match the Amount.
3. Cancel the found swaps.

After this, the system will generate a new swap, which can be made and subsequently closed for the day.

Note! If a new trade is opened several days before the swap execution date, existing swaps will need to be canceled up until the trade date.

Closed without swap

The Closed without swap status occurs due to incorrect value dates (including weekends and holidays) for direct trades, which prevents swaps from being calculated and executed.

Swaps may also display this status if:

1. The trade on the account was created on a date earlier than the account creation date;
2. If, while there are open days on the account where the trade was created, the No holidays option is enabled in the provider's account aggregator settings, allowing trading without regard to holidays.

Status adjustment:

1. Cancel existing swaps on the instrument before the trade date.
2. For the case where trading is enabled without holidays, you can use one of the following options:

• Disable the setting, perform all swaps on the instrument, then enable it;
• Roll back all swaps on the instrument, then perform the generated swaps with the enabled setting.

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If the Closed without swap and Second swap statuses persist, follow these steps:

1. Go to the Trades section of the client account;
2. Filter trades by the Direct type and the desired instrument;
3. Check the trade value dates. They must match the instrument tenor:

• TOD — T+0 (today),
• TOM — T+1 (tomorrow),
• SPOT — T+2 (the day after tomorrow).

When doing this, take into account holidays and weekends for the instrument (see the Schedules section). If the value date is set incorrectly and does not match the tenor, it must be adjusted manually.

After the adjustment, the swaps can be successfully made.

No close rate

The No close rate status occurs if the system has not generated a daily closing rate for the instrument.

Status adjustment:

1. Go to the EOD Rates section and manually set the daily closing rate.

After the adjustment, the swap can be successfully executed.

Swap cost calculations

The calculation is carried out according to the formulas described in a separate article Swap calculation.

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The Save as XLSX button allows you to download the swaps table.