Sweep/Sweeping
Sweep/Sweeping - When a client of Trading System has a P/L in another currency other than US dollars, the P/L must be converting at the close of each business day into US dollars, at an exchange rate prevailing at the time (known as the Conversion Rate). This process is called sweeping. Note that until the P/L is swept, the clients Account Value may fluctuate slightly (up or down) as exchange rate for the Profit and Loss currency changes. For example, if the client has a profit in Yen, if the value of the yen rises after the position is closes, but before the profit is swept into dollars, the Account Value will change. The change is only on the profit/loss amount so the effect is minimal.
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