Supported Tenors

Banking Circle supports the following tenors for FX trade settlement:

• ON: Value date today
• TN: Value date tomorrow
• SPOT: Settlement at T+2 (T+1 for some currency pairs)

Settlement Rules

ON Settlement

Value date ON trades typically settle immediately after trade confirmation. However, if you are using:

• A trading line, or
• Our collateral setup

Settlement may be deferred until sufficient funding is available in your account.

TN and SPOT Settlement

These trades will settle on their respective value dates, provided sufficient funding exists in your account. If the account lacks adequate balance, settlement occurs during the day when enough balance becomes available to cover the sold amount.

Bank Holiday Adjustments

Value dates automatically adjust forward when bank holidays occur in either currency.

Example:
For EURDKK trading with SPOT value date on the Wednesday before Easter:

• Original settlement would be Friday (T+2)
• Due to DKK bank holidays (Thursday, Friday, Monday)
• Actual settlement moves to the following Wednesday