Market Rate

There is the:

Clean market rate

This is the fixed rate needed to close this open position (i.e, this trade) in the market. It is the breakeven rate when the accrued interest is not taken into account.

Dirty market rate (or breakeven rate)

This is the fixed rate (in a bid/ask format) that will automatically result in a zero NPV.

For most instruments SD shows the dirty market rate. However, for the following instruments the clean market rate is displayed:

A fixed-float vanilla swap

A fixed-fixed vanilla swap

A fixed-float general swap

A fixed-fixed general swap

A fixed-float cross currency swap

Note the following:

The market rate result is not affected by changing the fixed rate.

If you defined a margin, this result generally includes that amount. For more information see Adding a Margin.