Swaps

Swap trades are used to roll over a position to the next day and are generated automatically based on the settings. Value dates take public holidays into account.

The swaps table contains the following information:

Name	Description
Account	The account for which the swap is performed or scheduled.
Instrument	The instrument for which the swap is performed or scheduled.
Quantity	The volume of the instrument in the trade.
From trade date	The date from which the position is rolled over.
To trade date	The date to which the position is rolled over.
From value date	TThe value date of the trade before the swap.
To value date	TThe value date of the trade after the swap.
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 instrument volume in the trade at the time of 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 (typically for instruments with a TOD tenor or if the account has Intraday Swap enabled in Netting Settings).
Price (pips)	The swap price in pips.
Status	The status of the swap.

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

The Cancel swap button next to an individual swap allows you to cancel a previously made swap that has the Exists status.

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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.

The swaps table provides filtering by Instrument and Asset type.

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.