Broken Date

DEFINITION of 'Broken Date'

A term used to describe forward and money market contracts, with delivery of currency and CDS, which takes place on a nonstandard date. Forward contracts usually quote periods like one month, three months, etc.

Forward contract maturity dates are either spot or fixed dates. Any date outside the quoted maturity date is said to be a broken date. Also referred to as Odd Date.


BREAKING DOWN 'Broken Date'

For example, a normal two-month forward contract from April 15 matures on June 15. An odd date would be a June 10 maturity.