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===[[Business day convention]]s for your reading pleasure=== | ===[[Business day convention]]s for your reading pleasure=== | ||
*'''[[No | *'''[[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]]. | *'''[[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]]. | *'''[[Following business day convention]]''': Cashflows falling on a non-workday are assumed to be distributed on the '''[[next]]''' [[business day]]. | ||
*'''[[Modified | *'''[[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 | *'''[[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 not a workday). | :'''[[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 not a workday). | ||
:'''[[End | :'''[[End ofmMonth - previous business day convention]]''': All cashflows are assumed to be distributed on the final day of the month ''unless it is not a workday'', in which case it's the '''[[previous]]''' [[business day]]. | ||
:'''[[End of | :'''[[End of month - following business day convention]]''': All cashflows are assumed to be distributed on the final day of the month ''unless it is not a workday'', in which case it's the '''[[next]]''' business day. |