30IT 360

Subtype of Name

Italian convention.
Let [T₁,T₂) be the period between two dates T₁ and T₂, of which the length L in annual units must be calculated
Calculation rule:
Let N be the effective number of days of the period [T₁,T₂), formally defined as the difference: T'₂ - T'₁, with the effective starting date T'₁ and ending date T'₂ differing from T₁ and T₂ in the following occations:
If T₁ (respectively T₂) occurs on February and is greater than 27, then T'₁ (respectively T'₂) becomes equal to 30.
Then
L = N/360