Is Value Date Today Achievable?

While short-dated transactions for value tomorrow are available in almost every major currency the same cannot be said for transactions for value today. Settlement value today is only possible if the interbank payment systems of the relevant currencies are still open on the trade date. For instance, it is possible for a European dealer to get GBP/USD and EUR/USD deals for value today once the transaction is concluded before the TARGET2 cut-off time. (Settlement via the CLS Bank is no longer possible for same day value trades because transactions settled value today must be advised to the CLS Bank before 6.30 a.m. central European time.) A USD/MXN deal can be settled same day value by a bank in the UK or Europe because both currencies (USD and MXN) are in a later time zone than Europe, so there is plenty of time for sending settlement instructions to the relevant payment systems.
Let us now look at an example involving USD/JPY for value today. A Japanese company has an urgent USD payment while a US company has an urgent JPY payment. In both cases assume that the companies are trying to book these deals at 8.00 a.m. in their respective countries and want to deal value today, two days before spot.