ACT/365 fixed

A day count convention which calculates actual days over a 365-day conventional year, regardless of the number of days in the year.

In other words, the fraction used for interest calculations is always:

Actual days / 365

This applies in leap years as well as normal years.

ACT/365 fixed is the convention most often used in the short term GBP market.

See also

• CertFMM
• Interest
• ACT/360
• ACT/365
• Day count conventions
• Conventional year
• Money market