Currency pairs, Spreads and Overnight Interest You can trade mini (fraction 0.1 - 0.9 of standard lot) and standard ($100K) lots on the same universal platform, the spreads are equal for mini and standard lots. Rollover/Interest Policy In the spot forex market, all trades must be settled in two business days. A rollover refers to the process of closing open position for today's value date and the opening of the same position for the next day's value date at a price reflecting the difference in interest rates between the two currencies. In accordance with international banking practices, all open positions automatically roll over to the next date at 5 PM EST for settlement. Rollover involves exchanging the position being held for a position expiring the following settlement date. For example, for trades executed on Monday, the value date is Wednesday. However, if a position is opened on Monday and held overnight, the value date is now Thursday. The exception is a position opened and held overnight on Wednesday. The normal value date would be Saturday; because banks are closed on Saturday the value date is actually the following Monday. Due to the weekend, positions held overnight on Wednesday incur or earn an extra two days of interest. Trades with a value date that falls on a holiday will also incur or earn additional interest. You can earn interest on rollovers, depending on the direction of their positions and interest rate differential between the two currencies involved. For instance, the primary interest rates in Great Britain are much higher than in Japan, so if a trader buys GBP, he will earn interest at 5 PM EST time. On the other hand, if he sells GBP in this currency pair, he will pay interest at 5 PM EST time. Fixed Spreads Our spreads are fixed regardless of market liquidity. Thus, as a CMS client, you always know what to expect when entering and exiting the market. This is especially important if you trade based on fundamental news, at a time when market conditions are volatile or in thinner liquidity such as off-market hours. Unlike CMS, dealers that offer variable spreads may increase their spreads as the volatility of the market changes. These unexpected changes in spread may make it difficult for you to plan your trades and enter or exit the market at your preferred targeted price. Paying a higher spread during these times costs you more money. You can trust CMS Forex to provide you with the liquidity you need to enter the market at a predetermined fixed spread any time of day or night.