when there is a possibility for discrepancies due to differences in the timing of asset valuation the value date is used in forex trading the value date is regarded as the delivery date on which counterparties to a transaction agree to settle their respective obligations by making payments and transferring ownership due to differences in time zones and bank processing delays the value date for spot trades in foreign currencies is usually set two days after a transaction is agreed on the value date is the day that the currencies are traded not the date on which the traders agree to the exchange rate 
the value date is also used in the bond market to calculate accrued interest on a bond calculation of accrued interest takes into account three key dates trade date settlement date and value date the trade date is the date on which a transaction was executed the settlement date is the date on which a transaction is completed the value date is usually but not always the settlement date the settlement date can only fall on a business day if a bond was traded on friday trade date the transaction will be deemed complete on monday not saturday 1 the value date can fall on any day as seen when calculating accrued interest which takes into account every day of a given month the value date is also used when evaluating coupon bonds that make semi annual interest payments for example in the case of savings bonds the interest is compounded semi annually so the value date is every six months 2 this removes any uncertainty for investors since their calculations of interest payments will be the same as the governments 