A foregin exchange transaction in which each party promises to pay a certain amount of currency to the other on the same day or within one or two days.
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Any transaction that does not occur in the futures or forward market. That is, the participants in a spot transaction agree to buy and sell, respectively, at the present market value and to settle the transaction a few days (usually one, two, or three) later. The term is most common in the foreign exchange market.
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