## ACT 365F

Subtype of NameActual/365 convention, also known as

**,**

*Act/365 (Fixed)***, or**

*A/365 (Fixed)*

*A/365F*Let

**be the period between two dates**

*[T₁,T₂)***and**

*T₁***, of which the length**

*T₂***in annual units must be calculated**

*L*Calculation rule:

Let

**be the actual number of days of the period**

*N***, formally defined as the difference:**

*[T₁,T₂)*

*T₂ - T₁*Then

*L = N/365*Warning: According to ISDA, "Actual/365" (without "Fixed") is an alias for "Actual/Actual (ISDA)" (see ActualActual.)

If Actual/365 is not explicitly specified as fixed in an instrument specification, you might want to double-check its meaning.