Trade Settlement and Cut-offs
When making a trade, it's important to understand how the timing of the trade impacts it's settlement date. This page will help you understand and calculate the settlement date of a trade, but the Send API will also always feedback the settlement date in the response.
Cut-off Times
This table will provide information on the relevant cut-off times for each currency group. Please note that cut-off times are always in AEST/AEDT time (whichever is in effect). When calculating the cut-off time for a trade, please note that the most restrictive cut-off time is applicable. ie a T+0 trade between AUD|NZD would have a cut-off time of 12:30pm.
Out of Hours Bookings
The cut-off times below are all based around working days in Sydney Australia. Send allows booking of trades after hours and on non-working days (ie public holidays/weekends) and will manage the settlement date of these trades as outlined in the "Pulling it all together" section below.
Category | Available Tenor(s) | Cut-off(s) |
---|---|---|
Same Day Value | T+0 | 4:45pm (except SGD and NZD which is 12:30pm) |
Same Day Value | T+1 | 12:00am |
Same Day Value | T+2 | 12:00am |
Next Day Value | T+1 | 1:30pm (Except THB which is 12:30pm) |
Next Day Value | T+2 | 2:30pm |
Spot | T+2 | 1:30PM (Except FJD which is 10:00am and PGK which is 12:30pm) |
Same Day Value: AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, MXN, NOK, NZD, PLN, SEK, SGD, TRY, USD, ZAR
Next Day Value: AED, BGN, BHD, BWP, CLP, GHS, IDR, INR, ISK, JPY, KES, KRW, KWD, KZT, MAD, MYR, OMR, PHP, QAR, RON, RSD, SAR, THB, TND, TWD, UGX, VND, ILS
Spot: AFN, ALL, AMD, ANG, AOA, ARS, AZN, BAM, BBD, BDT, BIF, BMD, BND, BOB, BRL, BSD, BZD, COP, CRC, CVE, DJF, DOP, DZD, EGP, ERN, ETB, FJD, GEL, GMD, GNF, GTQ, GYD, HNL, HTG, IQD, JMD, JOD, KGS, KHR, KYD, LAK, LKR, LSL, MGA, MNT, MOP, MUR, MVR, MWK, MZN, NAD, NGN, NIO, NPR, PEN, PGK, PKR, PYG, RWF, SBD, SCR, SLL, SRD, SZL, TOP, TTD, TZS, VUV, WST, XAF, XCD, XOF, XPF, ZMW
A Note on Currency Categories and Settlement Cut-offs
Please note that whilst currencies are specified above in various categories these categories are for the purposes of simplification. Your agreement with Send may categorise currencies into different segments. This will have no impact on that currencies cut-off as specified above, unless explicitly mentioned.
Settlement Dates
What is a settlement date?
The settlementDate
of a trade is the date that the trade will actually occur. This is the date that the specified fromWallet
will be debited and the corresponding toWallet
or recipient
will be credited. Importantly, the settlementDate
is the point at which the wallet MUST be funded in order to avoid any potential trade cancellations and associated fees.
Trade
settlementDate
vs PaymentpaymentReleaseDate
When booking a linked trade and payment, usually the
settlementDate
andpaymentReleaseDate
will be the same. However depending on when the trade is specifically funded and the time taken to process the Payout, thepaymentReleaseDate
may change. This is usually when booking trades into exotics where, due to liquidity restrictions, the payment may only be able to be released up to 2 days after funding of the trade. Another example is if a Trade is booked right before a cut-off, in this instance the Trade may settle, however the payment could miss its cut-off and be sent the following day.
Calculating the Settlement Date
Calculating the settlementDate
is a function of the cut-off time for a trade, when the trade was booked and at what tenor the trade is booked. The table below will assist you in preemptively understanding what a settlementDate
might be before a trade is booked, but Send will also always provide the settlementDate
in the trade response. Please note that no matter what the settlementDate
is, Send will always honour the quoted rate (or ratesheet) used to book a trade provided it has not expired.
Applicable Tenor | Booking Time | Settlement Date |
---|---|---|
T+0 | Before Cut-Off | 90mins from now or the cut-off time (whichever is sooner) |
T+0 | After Cut-Off | 9:30am the next Business Day |
T+1 | Before Cut-Off | 9:30am the next Business Day |
T+1 | After Cut-Off | 9:30am the following Business Day |
T+2 | Before Cut-Off | 9:30am the following Business Day |
T+2 | After Cut-Off | 9:30am the subsequent Business Day |
Pulling it all together
If we run some examples through this model it will help to make sense of how the fields hang together.
Scenario 1 - AUD to NZD Trade
Requested Tenor | AUD Cutoff | NZD Cutoff | Trade Booked At | Settlement Date | Explanation |
---|---|---|---|---|---|
T+0 | 4:45pm | 12:30pm | 12pm Friday | 12:30pm Friday | Trade booked before cut-off (12:30pm) and therefore settles to sooner of 90mins from NOW or Cut-off. |
T+0 | 4:45pm | 12:30pm | 12:31pm Friday | 9:30am Monday | Trade is booked after the most restrictive cut-off (12:30pm) and therefore defaults to settling at 9:30am the next business day (which cannot be Sat or Sun). |
T+1 | 12:00am | 12:00am | 12:01pm Friday | 9:30am Monday | Trade is booked before the T+1 cut-off (12:00am) meaning the trade is due to settle at 9:30am the next business day. |
T+2 | 12:00am | 12:00am | 12:30am Sunday | 9:30am Wednesday | Trade is booked in the early hours on a Sunday morning. This means that the T+2 tenor will initiate from 9:30am on Monday. Therefore the Trade will settle on Wednesday at 9:30am. |
Scenario 2 - AUD to AFN Trade
Requested Tenor | AUD Cutoff | AFN Cutoff | Trade Booked At | Settlement Date | Explanation |
---|---|---|---|---|---|
T+0 | 4:45pm | 1:30pm | 11am Monday | 9:30am Wednesday | Since AFN is a SPOT only currency, Sends system will ingest the T+0 request but then augment it to T+2 since this is the only valid tenor. As such, and since the trade was booked before cut-off, it will settle in 2 business days on Wednesday. |
T+1 | 12:00am | 1:30pm | 1:31pm Friday | 9:30am Wednesday | Since AFN is a SPOT only currency, Sends system will ingest the T+1 request but then augment it to T+2 since this is the only valid tenor. As such, and since the trade was booked after cut-off, it will settle in 2 business days from the next valid business day. Since the trade was booked on Friday, the next valid business day is a Monday, therefore the trade will settle on Wednesday. |
T+2 | 12:00am | 1:30pm | 1:29pm Wednesday | 9:30am Friday | Trade is booked before cut-off and therefore will settle in the normal T+2 window. |
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Updated 22 days ago