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In finance, date rolling occurs when a payment day or date used to calculate accrued interest falls on a holiday, according to a given business calendar. In this case, the date is moved forward or backward in time such that it falls in a business day, according to the same business calendar.
The choice of the date rolling rule is conventional. Conventional rules used in finance are:
Date rolling is particularly important for over-the-counter derivatives, whose payment and end dates may potentially fall on any date. For standardized derivatives, in order to avoid problems with month ends, the payment and termination dates are generally chosen to fall in the middle of the month, as in the IMM dates on futures and options contracts, and similar dates on standardized credit default swaps.
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The Hebrew calendar, also called the Jewish calendar, is a lunisolar calendar used today for Jewish religious observance and as an official calendar of Israel. It determines the dates of Jewish holidays and other rituals, such as yahrzeits and the schedule of public Torah readings. In Israel, it is used for religious purposes, provides a time frame for agriculture, and is an official calendar for civil holidays alongside the Gregorian calendar.
As a moveable feast, the date of Easter is determined in each year through a calculation known as computus. Easter is celebrated on the first Sunday after the Paschal full moon. Determining this date in advance requires a correlation between the lunar months and the solar year, while also accounting for the month, date, and weekday of the Julian or Gregorian calendar. The complexity of the algorithm arises because of the desire to associate the date of Easter with the date of the Jewish feast of Passover which, Christians believe, is when Jesus was crucified.
In finance, an interest rate swap (IRS) is an interest rate derivative (IRD). It involves exchange of interest rates between two parties. In particular it is a "linear" IRD and one of the most liquid, benchmark products. It has associations with forward rate agreements (FRAs), and with zero coupon swaps (ZCSs).
In finance, a forward rate agreement (FRA) is an interest rate derivative (IRD). In particular it is a linear IRD with strong associations with interest rate swaps (IRSs).
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts defined by the exchange. Futures contracts are derivatives contracts to buy or sell specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future. Futures exchanges provide physical or electronic trading venues, details of standardized contracts, market and price data, clearing houses, exchange self-regulations, margin mechanisms, settlement procedures, delivery times, delivery procedures and other services to foster trading in futures contracts. Futures exchanges can be organized as non-profit member-owned organizations or as for-profit organizations. Futures exchanges can be integrated under the same brand name or organization with other types of exchanges, such as stock markets, options markets, and bond markets. Non-profit member-owned futures exchanges benefit their members, who earn commissions and revenue acting as brokers or market makers. For-profit futures exchanges earn most of their revenue from trading and clearing fees.
A swaption is an option granting its owner the right but not the obligation to enter into an underlying swap. Although options can be traded on a variety of swaps, the term "swaption" typically refers to options on interest rate swaps.
The determination of the day of the week for any date may be performed with a variety of algorithms. In addition, perpetual calendars require no calculation by the user, and are essentially lookup tables. A typical application is to calculate the day of the week on which someone was born or a specific event occurred.
Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year and repay the principal amount on maturity. Fixed-income securities can be contrasted with equity securities that create no obligation to pay dividends or any other form of income. Bonds carry a level of legal protections for investors that equity securities do not: in the event of a bankruptcy, bond holders would be repaid after liquidation of assets, whereas shareholders with stock often receive nothing.
A currency future, also known as an FX future or a foreign exchange future, is a futures contract to exchange one currency for another at a specified date in the future at a price that is fixed on the purchase date; see Foreign exchange derivative.
The ex-dividend date is an investment term involving the timing of payment of dividends on stocks of corporations, income trusts, and other financial holdings, both publicly and privately held. The ex-date or ex-dividend date represents the date on or after which a security is traded without a previously declared dividend or distribution. The opening price on the ex-dividend date, in comparison to the previous closing price, can be expected to decrease by the amount of the dividend, although this change may be obscured by other influences on the stock's value.
Settlement is the "final step in the transfer of ownership involving the physical exchange of securities or payment". After settlement, the obligations of all the parties have been discharged and the transaction is considered complete.
The payment schedule of financial instruments defines the dates at which payments are made by one party to another on for example a bond or derivative. It can be either customised or parameterised.
In finance, a day count convention determines how interest accrues over time for a variety of investments, including bonds, notes, loans, mortgages, medium-term notes, swaps, and forward rate agreements (FRAs). This determines the number of days between two coupon payments, thus calculating the amount transferred on payment dates and also the accrued interest for dates between payments. The day count is also used to quantify periods of time when discounting a cash-flow to its present value. When a security such as a bond is sold between interest payment dates, the seller is eligible to some fraction of the coupon amount.
The ISO week date system is effectively a leap week calendar system that is part of the ISO 8601 date and time standard issued by the International Organization for Standardization (ISO) since 1988 and, before that, it was defined in ISO (R) 2015 since 1971. It is used (mainly) in government and business for fiscal years, as well as in timekeeping. This was previously known as "Industrial date coding". The system specifies a week year atop the Gregorian calendar by defining a notation for ordinal weeks of the year.
The Foreign exchange Options date convention is the timeframe between a currency options trade on the foreign exchange market and when the two parties will exchange the currencies to settle the option. The number of days will depend on the option agreement, the currency pair and the banking hours of the underlying currencies. The convention helps the counterparties to understand when payments will be made for each trade.
The IMM dates are the four quarterly dates of each year which certain money market and Foreign Exchange futures contracts and option contracts use as their scheduled maturity date or termination date. The dates are the third Wednesday of March, June, September and December.
The regnal years of English and British monarchs are the official regnal years of the monarchs of the Kingdom of England from 1066 to May 1707, the Kingdom of Great Britain from May 1707 to January 1801, and the United Kingdom since January 1801. The regnal calendar continues to be used in many official British government and legal documents of historical interest, notably parliamentary statutes.
The Hanke–Henry Permanent Calendar (HHPC) is a proposal for calendar reform. It is one of many examples of leap week calendars, calendars that maintain synchronization with the solar year by intercalating entire weeks rather than single days. It is a modification of a previous proposal, Common-Civil-Calendar-and-Time (CCC&T). With the Hanke–Henry Permanent Calendar, every calendar date always falls on the same day of the week. A major feature of the calendar system is the abolition of time zones.
In Slovakia, taxes are levied by the state and local governments. Tax revenue stood at 19.3% of the country's gross domestic product in 2021. The tax-to-GDP ratio in Slovakia deviates from OECD average of 34.0% by 0.8 percent and in 2022 was 34.8% which ranks Slovakia 19th in the tax-to-GDP ratio comparison among the OECD countries. The most important revenue sources for the state government are income tax, social security, value-added tax and corporate tax.
Sharia and securities trading is the impact of conventional financial markets activity for those following the islamic religion and particularly sharia law. Sharia practices ban riba and involvement in haram. It also forbids gambling (maisir) and excessive risk. This, however has not stopped some in Islamic finance industry from using some of these instruments and activities, but their permissibility is a subject of "heated debate" within the religion.