Rollover table for 2012*   

* The table is for informational purposes only. XTB may change the instrument rollover date due to changes in the liquidity of the contracts for particular underlying instruments, local holidays, trading suspension on a particular instrument or other market factors. In such a situation XTB will publish an appropriate information containing the details of rollovers on its website.



Investors, who at the time of the rollover have an open position in a financial instrument which is based on a futures contract, will be either credited or debited with an appropriate amount of swap points. The amount depends on a type of Client’s position (long or short) and the character of basis (the difference between the current and the following underlying futures contract) at the end of the trading session.
If the price of the underlying futures contract with a consecutive delivery term is higher than the price of the current one, then we are dealing with a positive basis. Otherwise, we define the basis as negative.
In case of a positive basis, an Investor who has a long position in the instrument being rolled over will, at midnight of the rollover day, be debited with the amount of swap points equal to the basis. Conversely, an Investor holding a short position will be credited with same amount.

In case of a negative basis, an Investor who has a short position will at midnight of the rollover day be debited with the amount of swap points equal to the basis, contrary an Investor holding a long position will be credited with the same amount.

“+” – Investor will be credited with the amount of swap points equal to the basis
“-” – Investor will be debited with the amount of swap points equal to the basis

The basis for particular instruments is calculated upon the settlement prices of the relevant futures contracts on the day of the rollover, in accordance with information provided by a renowned market data agency.
An information about the basis will be published on the website in the Trading Updates section.
If an Investor does not want his position to be adjusted with swap points on the rollover day, he should close it by the end of the trading session on the instrument being rolled over. At the same time, he can open a position on the same instrument the following day, minding the fact that the transaction is calculated by prices for the particular underlying instrument with the delivery at the new maturity date.

As far as pending orders are concerned, the Investor should take into account the correction in prices of a financial instrument resulting from the rollover.
One approach in case of yet uncalculated value of a basis is cancelation of pending orders prior to the rollover and then (after a contract is rolled over) – setting new pending orders with prices adjusted to the basis value.

Example

The Investor held an open position in US.30 on the rollover day. The settlement price of the current underlying future contract was 11981 points and 11913 of the subsequent one.

The Investor had a long position in a 1 lot of US.30.

According to the rollover procedure, the Investor gained the theoretical profit in swap points equal to:

If the open price of the underlying futures contract with a subsequent delivery term will not change the next day, then the value of the Investor’s position will be decreased by the amount of 340 USD, what reduces the profit of swap points. This allows the Client to maintain a long position on the US.30.

The Investor had a short position in a 1 lot of US.30.

According to rollover procedure, an Investor bears the theoretical loss in swap points equal to:

If the open price of the underlying futures contract with a subsequent delivery term will not change the next day, then the value of the Investor’s position will be increased by the amount of 340 USD, what reduces the cost of swap points. This allows the Client to maintain a short position on the US.30.
However, if the next day open price of the subsequent contract will not change, then the value of the Investor’s position will increase by the amount of 340 USD, what reduces the cost of swap points. This allows the Client to maintain a short position on the US.30 instrument.

A amendment is merely a mechanism which enables to maintain long-term position and does not actually affect the value of positions held by the Investor.