Common use of Swap Clause in Contracts

Swap. 4.3.1. Swap is a payment for the open position rollover to the following operation day. Swap may be both positive and negative. Swap is established separately for long and short positions. The swap size depends on multiple factors the main of which are: current market interest rates for credits of central banks in national currencies, price dynamics of the underlying asset the Trans- action is executed with, state of forward market, and swap size established by liquidity provider. The Forex Company may change the size of swap and its calculation procedure unilaterally taking into account the current satiation at the market, liquidity provider’s swap size, the Forex Com- pany’s risk management policy, etc. Depending on the underlying asset, swap at triple rate shall be calculated overnight Wednesday into Thursday morning (normally when the underlying asset is foreign currency and precious metals) and Friday into Saturday morning. In the rest of cases, when open positions are rolled over to the following operation day, swap is charged as for one day. 4.3.2. Swap is established as percentage of the open position amount or in points. The position amount is determined by the Client at the time of giving the order for the underlying asset price fixing. 4.3.3. Swap size, calculation method and the day of calculation at triple rate depend on the type of underlying asset in respect of which the position is open; are set on the Forex Company’s server; are specified in the Forex Terminal; and are posted on the Forex Company’s website. 4.3.4. The amount of swap shall be calculated at the moment of open position rollover to the fol- lowing trading day, but it shall be made due to and paid by the Client at the moment of position closing, unless other procedure of swap accrual and payment is established due to functional pe- culiarities of the Forex Terminal.