DislikedYour post is a little confusing. Intrest is paid or deducted on postions at exactly NY close of 5pm est. You can buy just before 5pm, and sell @5:01 and get the credit (or debit). I have had 6 different brokers over the years and the procedure has always been the same. Never heard of what you are talking about. My intrest trade from yesterday worked out fine.
Regards,Ignored
I bought 20 lots of AUD on Monday. I have not yet had any accrued interest post to my account.
The broker said that settlement date is T (trade date) + 2 trading days. So my Monday purchase of AUD settled on close of business Wednesday. But I didn't get any accrued interest on Wednesday because the trade didn't settle until close of business.
Tonight (Thursday) will be the first day that I accrue interest.
When I sell my AUD, I will continue to accrue interest through T+2. So if I sell on Friday, I will accrue interest next Monday and Tuesday. If I sell next Monday, I will accrue interest Tuesday and (triple interest) Wednesday.
The reason for triple interest Wednesday is to pay you interest for the weekend that you held your position open. In other words, interest is always accrued two days in arrears. Hopefully that makes it clearer.