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.

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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.

CategoryAvailable Tenor(s)Cut-off(s)
Same Day ValueT+04:45pm
(except SGD and NZD which is 12:30pm)
Same Day ValueT+1 12:00am
Same Day ValueT+212:00am
Next Day ValueT+11:30pm
(Except THB which is 12:30pm)
Next Day ValueT+22:30pm
SpotT+21:30PM
(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

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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.

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Trade settlementDate vs Payment paymentReleaseDate

When booking a linked trade and payment, usually the settlementDate and paymentReleaseDate will be the same. However depending on when the trade is specifically funded and the time taken to process the Payout, the paymentReleaseDate 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 TenorBooking TimeSettlement Date
T+0Before Cut-Off90mins from now or the cut-off time (whichever is sooner)
T+0After Cut-Off9:30am the next Business Day
T+1Before Cut-Off9:30am the next Business Day
T+1After Cut-Off9:30am the following Business Day
T+2Before Cut-Off9:30am the following Business Day
T+2After Cut-Off9:30am 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 TenorAUD CutoffNZD CutoffTrade Booked AtSettlement DateExplanation
T+04:45pm12:30pm12pm Friday12:30pm FridayTrade booked before cut-off (12:30pm) and therefore settles to sooner of 90mins from NOW or Cut-off.
T+04:45pm12:30pm12:31pm Friday9:30am MondayTrade 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+112:00am12:00am12:01pm Friday9:30am MondayTrade 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+212:00am12:00am12:30am Sunday9:30am WednesdayTrade 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 TenorAUD CutoffAFN CutoffTrade Booked AtSettlement DateExplanation
T+04:45pm1:30pm11am Monday9:30am WednesdaySince 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+112:00am1:30pm1:31pm Friday9:30am WednesdaySince 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+212:00am1:30pm1:29pm Wednesday9:30am FridayTrade is booked before cut-off and therefore will settle in the normal T+2 window.

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