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Bank Services Billing (BSB) is an industry standard that governs the format of electronic bills send out by financial institutions to wholesale customers (e.g. corporations, governments, institutions). BSB is a statement to report on the corporate customers' usage of financial services and their related charges.
For example, a one-month foreign exchange forward settles one month after the spot date—i.e., if today is 1 February, the spot date is 3 February and the one-month date is 3 March, assuming these dates are all business days. For a trade with two dates, such as a foreign exchange swap, the first date is usually taken as the spot date.
The BAI format was developed and previously maintained by the Bank Administration Institute (BAI). [1] One common application of the BAI format is for use by banks to transmit returned item data to customers (for example, checks which have been marked insufficient funds (NSF)).
Example of a checking account statement for a fictional bank. A bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution. Such statements are prepared by the financial institution, are numbered and indicate the period covered ...
The spot date is day T+2 otherwise. The calculation of T+2 must be done by considering separately each currency within the currency pair. For USD, there must be one clear working day between the horizon date and the spot date. For all other currencies, there must be two clear working days between the horizon date and the spot date.
A foreign exchange spot transaction, also known as FX spot, is an agreement between two parties to buy one currency against selling another currency at an agreed price for settlement on the spot date. The exchange rate at which the transaction is done is called the spot exchange rate.
For example, a one-month foreign exchange forward settles one month after the spot date. I.e., if today is 1 February, the spot date is 3 February and the one-month date is 3 March (assuming these dates are all business days). For a trade with two dates, such as a foreign exchange swap, the first date is usually taken as the spot date.
Many banks in the US let customers use personal financial management software to automatically download their bank statements in OFX format, but most Canadian, [7] [8] [9] United Kingdom and Australian banks do not allow this, however, many banks do support downloading financial data in OFX, QFX, QIF, or spreadsheet format via their web interface for later import into financial software.