FX fact: Islamic value dates
MARKET NEWS
Spot foreign exchange deals in the major world financial centres and currencies are settled two days after the trade is executed. However, dealing rooms in Muslim countries operate under a different system, related to nuances of the Islamic calendar.
This means trades conducted between Islamic and non-Islamic countries on Wednesdays have split value dates, as the leg of the transaction settling in an Islamic country cannot be made on Friday, which is a holiday.
Thursday value dates move to Monday
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