Base

Subtype of Settle Rule

The settlement date T is produced by adding the given number of business days N to the trade (or valuation) date T0 according to the 3 steps below:

Step 1:Add N to T0 with respect to the calendar CALb associated with the base currency to reach an intermediate date Tb.
Formally: Tb = T0 + N per CALb.

Step 2:If Tb is not a business day according to the calendar CALq associated with the quote currency, shift Tb until a preliminary settlement date T is reached that is a business day according to both CALb and CALq.

Step 3:Adjust the preliminary settlement date T by applying on it the last of the rules described in Joint.

All date shifts abide with the date bump convention supplied in Date Bump.