Modified Following
Moves to the next business day unless that crosses into the next calendar month, in which case it moves backward.
Market use
Widely used in derivatives and money markets.
What it means
Moves to the next business day unless that crosses into the next calendar month, in which case it moves backward.
Example
A month-end weekend may cause the date to roll backward instead of into the next month.
How to interpret it
This concept should be read together with its market convention, measurement horizon and underlying instrument. BondStats presents it as an analytical reference rather than investment advice; instrument documentation and primary market rules remain authoritative.
Related Conventions
BondStats reference content is independently written. Mathematical relationships, abbreviations and market conventions are presented for educational and analytical use.