EDUCATION CENTRE
ABOUT EXCHANGES
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The Forex market is open 24 hours a day starting from Sunday evening at approximately 7:00 pm EST and ends on Friday at about 3:00 pm EST. It covers three different time zones: Asia, Europe and North America
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Rollover rate is charged according to the requirement or rate provided from trading bank, it is the interest paid or earned for holding a position overnight. Each currency has an interest rate associated with it, and because forex is traded in pairs, every trade involves not only two different currencies, but their two different interest rates.
If the interest rate on the currency you bought is higher than the interest rate of the currency you sold, then you will earn rollover (positive roll). If the interest rate on the currency you bought is lower than the interest rate on the currency you sold, then you will pay rollover (negative roll). Rollover can add a significant extra cost or profit to your trade.
※The rollover rate may increase your trading cost or profit.
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According to globe forex market, two business days after the trading date is the delivery date (T+2), rollover rate is calculated based on delivery date. For example, when you buy the EURUSD on Monday, the delivery date is Wednesday; when position of EURUSD closed on Tuesday, the delivery date is on Thursday. The rollover rate is calculated for one day.( i.e. from Wednesday to Thursday, as in one day)
When you buy the EURUAD on Wednesday, the delivery date is Friday; when position of EURUSD closed on Thursday, the delivery date is on the next Monday. So actually the position is held for 3 days, total rollover rate is calculated for 3 days.
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The most often traded or 'liquid' currencies are those of countries with stable governments, respected central banks, and low inflation. Today, over 85% of all daily transactions involve trading of the major currencies, which include the US Dollar (USD), Japanese Yen (JPY), Euro (EUR), British Pound (GBP), Swiss Franc (CHF), Canadian Dollar (CAD) and the Australian Dollar (AUD).
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Unlike stocks and futures, Forex transactions are not conducted on a regulated exchange with a specific location. There is no central location where trading takes place. The bulk of Forex trading is among large international banks and institutions that process transactions for large companies and governments. These institutions provide forex quotes on a continuous basis. Trading occurs via the internet, by telephone, and through computer terminals in different locations worldwide.
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The FOREX market is often referred to as an Interbank market due to the fact that historically it has been dominated by banks, including central banks, commercial banks, and investment banks. However, the percentage of other direct and indirect market participants is rapidly growing, and now includes large multinational corporations, global money managers, registered dealers, international money brokers, futures and options traders, and private speculators.
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Midnight or 0:00 in trading platform time is considered the beginning and end of the forex trading day. Any positions that are open at Midnight or 0:00 sharp are considered to be held overnight, and are subject to rollover.
Most banks are closed on Saturdays and Sundays, but still count the interest for those two days. Thus, FX market books three days of rollover on Wednesdays.
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Forex is the global cash inter-bank market used to exchange currencies between different countries. It is the world's largest financial inter-dealer market with an estimated daily average volume of more than $3 trillion. However, Forex trading is not conducted on a regulated exchange
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