FX Roll costs with Interactive Brokers

[beltaine]

Guys,

If you trade FX with Interactive Brokers, I understand that you only get hit (or benefit) from rollover *only* if you hold a position at a certain time of the day. Is that correct?

If so, what is that time? The standard should be 17:00 EST which is (forget daylight savings) 21:00 GMT. Can anyone confirm or deny this?

Thanks!

 

[Rhody Trader]

It's either 17:00GMT or 16:00GMT. I cannot recall specifically which. You'll want to confirmt that with IB. Brokers have different cut-offs for the end of the US trading day.

And yes, most brokers won't hit you for roll/carry if you don't hold into the new trading day.

 

[beltaine]

It's either 17:00GMT or 16:00GMT. I cannot recall specifically which. You'll want to confirmt that with IB. Brokers have different cut-offs for the end of the US trading day.

And yes, most brokers won't hit you for roll/carry if you don't hold into the new trading day.

Cheers. I have to say that 17:00GMT or 16:00GMT is a bit random, but I suppose they are not *really* doing a roll on your behalf.

Thanks again!

 

[Rhody Trader]

It's not random. It's the end of the NY trading day, and thus the end of the global trading day, which starts in Asia.

 

[beltaine]

It's not random. It's the end of the NY trading day, and thus the end of the global trading day, which starts in Asia.

17:00 GMT?

I thought the end of the NY session would be 17:00 EST(or EDT) which is 22:00 GMT (or 21:00)?

 

[Rhody Trader]

Oooooooppppps!!!!!!!!

Sorry. I spend my days writing times in GMT so I put in the wrong identifier. Should have been ET. Makes more sense now, right?

 

[beltaine]

It does

I'll contact IB and ask for confirmation... I'll post here the answer so that the next poor soul with the same problem will get lucky on a google search!

 

[beltaine]

It does

I'll contact IB and ask for confirmation... I'll post here the answer so that the next poor soul with the same problem will get lucky on a google search!

I asked IB to confirm and the answer was:

The value date change is at 17:00 EST, or 22:00 GMT.

Cheers!