Value Dates

Delivery of a currency and metal is effected on the "spot date" for the first leg of the spot or forward transaction. Excluding bank holidays, it means that a trade entered into on a Monday will settle on a Wednesday and a trade entered into on a Friday will settle on the following Tuesday. Forward transactions will be quoted, unless specified otherwise, from the spot date to the requested date.

While there must be two good London business days between trade date and spot, if a US holiday falls between the trade date and what would otherwise be a good spot date from the London holiday schedule, the US holiday is generally ignored. It is worth noting though that metal will not settle on US holidays. Sometimes it can be the case that certain institutions will prefer to have two clear business days in each of London and New York to ensure that there is sufficient time for both currency and metal to settle. Therefore, it is worth clarifying with the quoting institution to ensure that any possibility of confusion is minimised.

The table below provides guidance on the value dates for 2023 which take into account those days which are recognised as bank holidays in the UK and US.