a foreign exchange purchase or trade
an agreement for the immediate delivery, usually within two business days, of a foreign currency at the prevailing cash market rate
A Contract where the Value Date is two Business Days (or one Business Day where the Contract involves the U.S. Dollar against the Canadian Dollar) following the Trade Date, or such later date as may be customary or necessary in respect of any currency unit.
A spot contract involves the buying of currency with a settlement date of two business days forward, which offers the fastest delivery time.
Spot means the settlement date of a deal which is two business days forward.