The date on which both sides to a transaction agree to exchange payments.
A value date is a future date that is used for determining the present value of a product or security that fluctuates in price. It is the date at which funds, assets, or money's value becomes effective. Typically, value dates are used in determining the payment of financial products and accounts where there is a possibility for discrepancies due to differences in the timing of valuations. Such financial products can include forward currency contracts, option contracts, and the interest payable or receivable on personal accounts.
In forex markets, the value date may be referred to as the "valuta," where it may also be used to describe the value of one currency expressed in terms of its exchange rate with another.