## Basis

Day count basis determines how interest accrues over time for various instruments and the amount transferred on interest payment dates. The calculation of accrued interest for dates between payments also uses day count basis. Day count basis is a fraction of `Number of interest accrual days` / `Days in the relevant coupon period`. Supported day count conventions and basis values are:

Basis Value

Day Count Convention

`0`

actual/actual (default) — Number of days in both a period and a year is the actual number of days.

`1`

30/360 SIA — Year fraction is calculated based on a 360 day year with 30-day months, after applying the following rules: If the first date and the second date are the last day of February, the second date is changed to the 30th. If the first date falls on the 31st or is the last day of February, it is changed to the 30th. If after the preceding test, the first day is the 30th and the second day is the 31st, then the second day is changed to the 30th.

`2`

actual/360 — Number of days in a period is equal to the actual number of days, however the number of days in a year is 360.

`3`

actual/365 — Number of days in a period is equal to the actual number of days, however the number of days in a year is 365 (even in a leap year).

`4`

30/360 PSA — Number of days in every month is set to 30 (including February). If the start date of the period is either the 31st of a month or the last day of February, the start date is set to the 30th, while if the start date is the 30th of a month and the end date is the 31st, the end date is set to the 30th. The number of days in a year is 360.

`5`

30/360 ISDA — Number of days in every month is set to 30, except for February where it is the actual number of days. If the start date of the period is the 31st of a month, the start date is set to the 30th while if the start date is the 30th of a month and the end date is the 31st, the end date is set to the 30th. The number of days in a year is 360.

`6`

30E /360 — Number of days in every month is set to 30 except for February where it is equal to the actual number of days. If the start date or the end date of the period is the 31st of a month, that date is set to the 30th. The number of days in a year is 360.

`7`

actual/365 Japanese — Number of days in a period is equal to the actual number of days, except for leap days (29th February) which are ignored. The number of days in a year is 365 (even in a leap year).

`8`

actual/actual ICMA — Number of days in both a period and a year is the actual number of days and the compounding frequency is annual.

`9`

actual/360 ICMA — Number of days in a period is equal to the actual number of days, however the number of days in a year is 360 and the compounding frequency is annual.

`10`

actual/365 ICMA — Number of days in a period is equal to the actual number of days, however the number of days in a year is 365 (even in a leap year) and the compounding frequency is annual.

`11`

30/360 ICMA — Number of days in every month is set to 30, except for February where it is equal to the actual number of days. If the start date or the end date of the period is the 31st of a month, that date is set to the 30th. The number of days in a year is 360 and the compounding frequency is annual.

`12`

actual/365 ISDA — The day count fraction is calculated using the following formula: ```(Actual number of days in period that fall in a leap year / 366)``` + ```(Actual number of days in period that fall in a normal year / 365 )```.

`13`

bus/252 — The number of days in a period is equal to the actual number of business days. The number of business days in a year is 252.