WorkingDay(date,convention,city1,[city2-5])
We have produced a Microsoft Access 97 visual basic function that operates in accordance with the International Swap Dealers Association - ISDA - Business Day Convention.
The Convention is as follows :
Extract from International Swap Dealers' Association ("ISDA") Definitions
Section 4.12. Business Day Convention.
"Business Day Convention" means the convention for adjusting any relevant date if it would otherwise fall on a day that is not a Business Day.
The following terms, when used in conjunction with the term "Business Day Convention" and a date, shall mean that an adjustment will be made if that date would otherwise fall on a day that is not a Business Day so that:
- if "Following" is specified, that date will be the first following day that is a Business Day;
- if "Modified Following" or "Modified" is specified, that date will be the first following day that is a Business Day unless that day falls in the next calendar month, in which case that date will be the first preceding day that is a Business Day; and
- if "Preceding" is specified, that date will be the first preceding day that is a Business Day.
The Function's arguments are :
The Date to be evaluated according to the business day convention.
The Convention to be used. One of: Following ; Previous ; Modified.
The City(ies), being the place(s) where banking is carried on. Up to 5 may be given.
IF YOU WOULD LIKE MORE DETAILS, please e-mail us.
ALSO - You should probably look up the function NETWORKDAYS() which is in Microsoft Access 2000 and later, and in both Microsoft Excel and the OpenOffice spreadsheet.
Prepared by : George Herrick, Herrick Brown & Company Ltd.
PO Box 21, Eccles, Manchester. M30 7BN. 0161 925 0600.
e-mail : mail<at>herrick-brown.co.uk where <at> = @
Last edited 08 April 2004