Business Day Convention - ISDA Definition: Difference between revisions

Business Day Convention - ISDA Definition (view source)

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 Each year, bankers, [[Mediocre lawyer|lawyers]], travelling [[salespersons]] and like-minded pedants gather in [[Make America Great Again|Trump Tower]], Las Vegas to discuss the minutiae of [[business day]] definitions before repairing to the bar to [[network]] and drink themselves into a stupor at the annual [[business day convention]].
+At this convention you can choose your stream:
+{{business day conventions}}
+*'''[[No Adjustment business day convention''': The keep calm and carry on option: non-workdays of any kind are effectively ignored. Cashflows falling on non-workdays are assumed to be distributed on the actual date.
+*'''Previous business day convention''':  Back to the day before: Cashflows falling on non-workdays are assumed to be distributed on the previous [[business day]].
+*'''[[Following business day convention]]''':  Cashflows falling on a non-workday are assumed to be distributed on the [[next] [[business day]].
+*'''[[Modified Previous business day convention]]''': Cashflows falling on a non-workday are assumed to be distributed on the previous [[business day]] ''unless it would fall in a different month'', in which case it’s the [[next]] [[business day]].
+*'''[[Modified Following business day convention]]''':  Cashflows falling on a non-workday are assumed to be distributed on the [[next] [[business day]] unless it would fall in a different month, in which case it’s the [[previous]] [[business day]].
+:'''[[End of month - no adjustment business day convention]]''': All cashflows are assumed to be distributed on the final day of the month (even if it is a non-workday).
+:'''[[End of Month - Previous business day convention]]''':  All cashflows are assumed to be distributed on the final day of the month ''unless it is a non-workday'', in which case it's the previous business day.
+:'''[[End of Month - Following business day convention]]''': All cashflows are assumed to be distributed on the final day of the month ''unless it is a non-workday'', in which case it's the [[next]]business day.
 {{businessday}}
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