An fx deal whereby a party will deliver a certain currency against receiving a certain amount of another currency based on an agreed rate from another party, within 2 business days, 1 day for the cad which is the exception.

An isolated sale. In transactions of this kind, a specific quantity of oil, usually a convenient unit like a cargo, a bargeload, or a pipeline batch, changes from seller's hands to buyer's. The notion once assumed promptness. That element has vanished now that companies trade spot oil many months forward. In today's vernacular, “spot” chiefly distinguishes self –contained transactions from period business, sometimes called deals or contract deals.