ACT/365: Difference between revisions
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Major currencies which usually use an ACT/ | Major currencies which usually use an ACT/365 day count convention include: | ||
:GBP, INR, HKD, PLN, SGD and ZAR. | :GBP, INR, HKD, PLN, SGD and ZAR. | ||
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The ACT/365 convention, described above, should not be confused with [[ACT/365 fixed]]. | The ACT/365 convention, described above, should not be confused with [[ACT/365 fixed]]. | ||
Under the ACT/365 ''fixed'' convention, the number of days in the conventional year is fixed at 365 in all years. | Under the ACT/365 ''fixed'' convention, the number of days in the conventional year is fixed at 365 in all years (including leap years). | ||
Revision as of 18:44, 25 June 2017
ACT/365 is a day count convention which calculates the actual days in a time period, over the actual number of days in a calendar year.
In a normal year, this will be 365 days.
In a leap year it is 366 days.
The day count convention should always be checked and confirmed expressly if appropriate before transacting.
Major currencies which usually use an ACT/365 day count convention include:
- GBP, INR, HKD, PLN, SGD and ZAR.
Particular care must be taken where the day count convention differs between domestic markets and non-domestic markets.
ACT/ACT
The ACT/365 convention is also known as ACT/ACT, because the denominator is the actual number of days in the year.
The ACT/365 - or ACT/ACT - convention is also sometimes known as ACT/365 actual, or ACT/365 A.
ACT/365 fixed
The ACT/365 convention, described above, should not be confused with ACT/365 fixed.
Under the ACT/365 fixed convention, the number of days in the conventional year is fixed at 365 in all years (including leap years).
See also
