Business, Legal & Accounting Glossary
This refers to the data at which a remittance sent through a bank clearing cycle becomes available for the payee’s use.
A term whose meaning depends on the context in which it is used. It can refer to the date when the price of an item whose market value fluctuates is set; it can be used in this sense for currency and derivatives contracts. Or it can refer to the date in a company’s accounts when an entry or item takes effect; when funds are paid, received or used, for example. Or it can be used in banking to refer to the date when interest payments are credited or debited to or from an account or when funds that have been deposited can be used. It can also refer to the date on which parties to a trade settle their obligations and make delivery and payment; in a spot currency transaction, it is two business days after the trade was made, for forward transactions it is the future date. Finally, it can also refer to the date a transaction takes place.
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This glossary post was last updated: 9th April, 2020 | 53 Views.