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What is the interest calculation protocol for Money Market Deposits?

April 26, 2017calculation deposits Money Market Protocol

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What is the interest calculation protocol for Money Market Deposits?

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BOSdeal follows industry standards for the calculation of interest rates for money market fixed deposits. Therefore for GBP, interest is calculated as a fraction of the actual number of days per year of the percentage rate i.e. actual/365. For all other currencies, market practice is actual/360.