Balmo is the short form of ‘balance of the month’ contract. The balmo is the pricing month contract that is settled every working day. For a September contract in swaps, this contract will become balmo once we are in September. The balmo will refer to the exposure that hasn’t yet been priced. For example, if it is 4 September, the balmo contract will expose the trader to 4–30 September and not include the first three days’ settlement prices.