Broken Dates
Non-standard settlement dates in forex that don't match typical market conventions.
Broken dates are forex settlement dates outside the standard conventions of spot (T+2), tom (T+1) and standard forward dates. Any date that does not match one of those is a broken date.
Broken dates (also called odd dates or cock dates) are forex settlement dates that fall outside standard market conventions. Standard dates are spot (T+2), tom (T+1), and standard forward dates (1W, 1M, 3M, etc.). Any date that doesn't match these is a "broken date."
How It Works
- Standard: Spot, 1 week, 1 month, 3 months, etc.
- Broken: T+5 days, 17 days, 45 days, etc.
- Requires interpolation between standard rates
- Common when hedging specific cash flows
Trading Tips
Broken date forwards often have wider spreads
Used for precise cash flow hedging
Some brokers charge extra for non-standard dates
Broken Dates Example
Say your company must pay a supplier in euros in 40 days, but standard forwards trade 30 days and 60 days. Your bank prices a 40-day outright, a broken date, and the rate sits slightly off the straight 30-to-60 interpolation because the desk prices the odd stretch.
How Traders Use Broken Dates
Retail traders rarely touch these, which is exactly why the term matters when you graduate to hedging real invoices. If your date is not spot, tom, or a standard tenor, expect a slightly wider quote and ask for both standard tenors to sanity-check it.
Related Terms
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