I know that for Tom/Spot swap the near leg is settled T + 1 and the far leg of the swap is settled T+2. However, is a Tom/Next same as Tom/Spot swap?


Tom/Next is not the same as Tom/Spot and correspondingly they have different prices. Tom/Next refers to closing out at the end of day and reopening at the start of the next day. So it doesn't cleanly fit into the T+ structure as they generally refer to closing prices.

  • Note, also, spot depends on the currency. CAD for instance spot is T+1, but T+2 is generally correct. – rhaskett Oct 20 '14 at 23:24

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