The Spot Contract is the most basic and popular foreign exchange product. It is an agreement to buy or sell one currency in exchange for another.
You have 2 days to settle the contract, at a price based on the prevailing "spot exchange rate" the current value of one currency compared to another.Although the spot market lets you buy or sell currency as you need it, spot exchange rate movements are highly unpredictable, even during a single trading day.
Upon receipt of cleared funds currency is available for onward transmission.
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