Avertissement : les CFD sont des instruments complexes et comportent un risque élevé de perte rapide d'argent en raison de l'effet de levier.
Vous devez vous demander si vous comprenez le fonctionnement des CFD et si vous pouvez vous permettre de prendre le risque élevé de perdre votre argent.
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Tokyo session
The Tokyo session is the part of the global trading day centred on business hours in Japan. It is often grouped with the wider Asian session, which also includes activity from centres such as Singapore, Hong Kong, Sydney, and Wellington. Yen pairs are usually most closely associated with this period, although the Australian and New Zealand dollars can also be active. Liquidity may be lower than during the London and New York overlap, so some currency pairs can trade within narrower ranges. Economic news from Japan, China, Australia, or New Zealand can quickly change that pattern. Exact session times depend on the time zone used by the platform.
Tom-Next
Tom-Next is the rollover adjustment applied when a spot foreign-exchange position is carried from one business day into the next. The name comes from “tomorrow-next,” the two settlement dates involved. The adjustment mainly reflects the difference between short-term interest rates in the two currencies. Holding the currency with the higher rate can sometimes create a credit, while holding the lower-rate currency can create a charge, although provider costs also matter. Wednesday rollovers often include extra days to account for weekend settlement. The number shown by a broker may be called swap, rollover, financing, or tom-next points.
Tomorrow Next
Tomorrow Next is the full written form of Tom-Next and tom/next. It does not describe a new trade idea. It describes the short foreign-exchange swap used to delay settlement by one business day. One side of the swap closes the position for tomorrow’s value date, while the opposite side reopens it for the next date. Retail traders usually do not arrange both transactions themselves. The broker applies the resulting rollover adjustment automatically when a position stays open past the daily cut-off. The three spellings refer to the same basic mechanism, although individual providers may calculate and label their charges differently.
Tomorrow next (tom/next)
A spot currency trade normally has a set settlement date. Tom/next is used to move that settlement from tomorrow to the following business day. It combines two opposite currency transactions with different value dates, allowing an open position to continue without the trader taking delivery of the currencies. The price adjustment reflects the interest-rate difference between the two currencies, along with market and provider costs. Depending on the position, this can create a small credit or charge. Weekends and holidays can make the adjustment cover more than one day. Tom/next is therefore part of the daily rollover process in foreign exchange trading.
TONAR
TONAR is an alternative name sometimes used for TONA, the Tokyo Overnight Average rate. TONA is the official name used by the Bank of Japan. It is based on unsecured overnight borrowing between financial institutions in Japan’s call-money market. “Unsecured” means the loan is not backed by specific collateral, and “overnight” means the money is borrowed for one business day. The rate is used as a Japanese yen risk-free reference in financial contracts. It differs from TIBOR because TONA reflects completed overnight transactions, while TIBOR is based on rates submitted by a panel of banks for several borrowing periods.
Tonga Pa’anga (TOP)
Tonga’s monetary unit is the pa’anga, divided into 100 seniti. Its international currency code is TOP, while local prices may use a dollar-style symbol. The National Reserve Bank of Tonga has the sole right to issue currency in the kingdom. The unusual name comes from a local word associated with a seed or nut that early islanders used in exchange. Tonga introduced the pa’anga in 1967 when it replaced the Tongan pound. Because several Pacific currencies use dollar signs, TOP is the clearest label for banking, travel, and international payment records.
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