Swap Points definition
Swap Points means the difference in interest rates between transaction currencies arising from the rolling over of Open Positions into the next day in OTC foreign exchange margin transactions, and includes both those receivable and payable by you;
Swap Points is the average, expressed in decimal form (where one Swap Point equals 1/10,000 or 0.0001), of the Swap Point offer quotations, provided by the Lender at approximately 11.00 a.m. Singapore time on the Determination Date, being the difference between the rates (expressed as a value of S$ per US$) at which the Lender would simultaneously buy US$in exchange for S$ on the first day of such Interest Period and sell US$ in exchange for S$ on the Interest Payment Date corresponding to such Interest Period, such difference being a negative number if the quotation is priced at a discount to the spot rate or a positive number if the quotation is priced at a premium to the spot rate. Spot : is the rate of exchange calculated by the Lender to be the arithmetic mean of the spot buying and selling rates (by cable transfer) in the Singapore foreign exchange market of US$ in exchange for S$ (expressed as a value of S$ per US$), as provided by the Lender at approximately 11.00 a.m. Singapore time on the Determination Date Days : is the actual number of days in such Interest Period.