The spot FX market is an “off-exchange” market/an over-the-counter (“OTC”) market that operates 24 hours a day.
A spot FX transaction is a bilateral (“between two parties”) agreement to physically exchange one currency against another currency.
The agreement is a contract. This means this spot contract is a binding obligation to buy/sell a certain amount of foreign currency at a price that is the “spot exchange rate”/the current exchange rate.
The delivery of what you buy/sell should be done within 2 working days and is referred to as the value date or delivery date.
Institutional traders use this
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