When Is the Swap Charged, and Why Is It Triple on Thursday?
The swap in Commodities is applied once a day, at the daily rollover at 05.00 WIB (04.00 WIB during US Daylight Saving Time), to every position still open at that moment. For gold (XAUUSD) and silver (XAGUSD), the Thursday rollover applies three days of swap at once, because it covers the weekend, when the market is closed. For Brent crude (UKOUSD), check the Swap Fee entries in Transaction History to see which rollover carried the weekend. Around market holidays, the extra days can fall on a different rollover. A position opened and closed between two rollovers pays no swap.
Rollover times and days of swap:
| Rollover | Standard time | During US Daylight Saving Time | Gold and silver |
|---|---|---|---|
| Daily rollover (other trading days) | 05.00 WIB | 04.00 WIB | 1 day |
| Thursday rollover | Thursday 05.00 WIB | Thursday 04.00 WIB | 3 days |
| Opened and closed between two rollovers | No rollover crossed | No rollover crossed | 0 |
Why Thursday, in plain terms: The Thursday rollover is the Wednesday-night rollover in global market time. For gold and silver, it charges the weekend in advance, so three days of swap are applied together. Swap charges carry 11% VAT, so the triple rollover triples the VAT too.
Illustrative examples (1 lot, standard time):
- Opened Tuesday 10.00 WIB, closed Tuesday 20.00 WIB: no rollover crossed, so no swap.
- Gold opened Wednesday 21.00 WIB, closed Thursday 09.00 WIB: it crosses the Thursday rollover, so three days of swap, even though the position was open for only 12 hours.
- Gold opened Monday 10.00 WIB, closed Friday 12.00 WIB: it crosses the Tuesday, Wednesday, Thursday and Friday rollovers, so 1 + 1 + 3 + 1 = 6 days of swap.
Related questions:
Q: Why does the rollover move to 04.00 WIB during US Daylight Saving Time?
Indonesia doesn't use Daylight Saving Time, but the Commodities schedule follows US Daylight Saving Time. While it's in effect, the rollover moves from 05.00 WIB to 04.00 WIB, the Thursday triple swap for gold and silver moves with it, and the trading hours shift one hour earlier too.
Q: Can I avoid the triple swap?
Yes, by not holding a gold or silver position through the Thursday rollover. A position closed before Thursday 05.00 WIB (04.00 WIB during US Daylight Saving Time) isn't charged that rollover's swap. Swap can be a debit or a credit, so the triple rollover multiplies either one. Base the decision on your own trading plan, not on the swap alone.
Q: Is the triple swap always a charge?
No. Swap can be a debit or a credit, depending on the swap rate and on whether your position is Long or Short. The Thursday rollover applies three days of whichever one applies to your gold or silver position: a position that pays swap pays for three days, and a position that receives a credit receives three days.
Q: Where can I see the swap charged at each rollover?
In Transaction History, as a "Swap Fee" entry, shortly after each rollover. If your USD Margin (Commodities) balance changes more than usual on Thursday morning while you hold gold or silver, the triple swap is a likely reason.