The Chain · Episode 4 · Mon 5 Oct 2026
Triple swap. Four nights.
Columbus Day closes the Federal Reserve Banks on Monday 12 October. No dollar settles, so the interbank rollover of Wednesday 7 October carried four nights. Thursday’s carried none.
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Monday 12 October is Columbus Day. Stocks: open. The dollar: out of office. The Federal Reserve Banks are closed.
Spot FX settles two business days on, and a US bank holiday may not be a value date. Thursday’s trades settle Tuesday 13 October.
So Wednesday’s rollover moves EUR/USD from Friday to Tuesday: four nights in the interbank market. Thursday’s: none. Still seven a week: 1 · 1 · 4 · 0 · 1.
Watch for · Wed 7 Oct · 23:00 Amsterdam
Your statement shows what your provider books: compare 2–3 September, when Labor Day ran the same rule. Yen and CAD pairs differ. Metals carry their triple on the same Wednesday: same check.
Three or four: what did your platform book on 2 September?
Sources
Federal Reserve Financial Services, holiday schedule 2026 (Columbus Day 12 October, Labor Day 7 September) · EBS Value Date Calendar, settlement rules (CME Group) · CME Clearing, OTC Holiday Advisory – Columbus Day 2026 · ic.com, swap rates. Read 5 October 2026. Times in Amsterdam (CEST); London one hour earlier, Johannesburg the same. Mechanism, not direction.
