Glossary thread: what does rollover actually mean?

"Rollover" comes up in every broker's documents, but explanations are usually written for professionals. Around 5 p.m. New York time, positions held open are rolled to the next value date and the swap is charged or credited.

If the term confused you, post here. And if you can explain rollover, or any other trading term, in one plain sentence, that's the kind of answer beginners keep coming back to.

The trading costs guide has a plain-language section on the daily rollover.