Important Dates


Effective Date

This is the date when the trade was booked and the date it hits the system for accounting purposes.
This is the date when the trade is actually captured.
Often the same as the trade date (but not always)
NAV is calculated from the Effective Date


Trade Date

This is the date the deal was actually done in the market.
Realised is calculated from the trade date



Deal Date



Dated Date

The day the bond starts to accrue interest



Contractual Settlement Date

Also known as the settlement date.
This is the date the trade should be settled.
The date the money (or the transaction) should be transferred between parties.
This is typically (T + 2)


Cash = T + 2
Bonds / CDS = T + 3
Cash Settles (T + 3)



Actual Settlement Date

Also known as the value date.
This is the date the trade was actually settled.
Could be different from the Contractual Settlement Date (if one of the parties is unable to transfer or there is a problem).




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