Forward value dating

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USD/TRY is traded interbank as T 0 and T 1, and both are supported by Reuters Dealing 3000 Spot Matching (D2).The conventional spot date is generally now T 1, even in the Turkish interbank market.

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The value dates for most FX trades are "spot", which generally means two business days from the trade date (T 2).The exceptions to this rule are SAR and JOD, where the spot date for Thursday's trades is taken to be Tuesday, effectively making a three-day weekend (Friday, Saturday, Sunday) for value date purposes.Some banks, particularly Arab banks when trading with their customers, use split settlement for USD/Arab currency pairs, with USD settling on the Friday or Monday, and the Arab currency settling on the Sunday.Value dates for NZD/USD roll forward at 7am Auckland time.This means that the local time of the value date roll-over varies throughout the year, depending on daylight savings time conventions, as follows: For most T 2 currency pairs, if T 1 is a USD holiday, then this does not normally affect the spot date, but if a non-USD currency in the currency pair has a holiday on T 1, then it will make the spot date become T 3.

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