Question

Distinguish between the spot and forward foreign exchange markets. Why are transactions in forward foreign exchange markets done?

22 Apr 2024
Answer :
Word Count : 676

 

Characteristic Spot Foreign Exchange Market Forward Foreign Exchange Market
Definition The spot market is where currencies are traded for immediate delivery, typically within two business days. The forward market is where currencies are traded for future delivery at a predetermined exchange rate on a specific future date.
Delivery Currencies are exchanged on the spot (within two business days). Currencies are exchanged on a specified future date (the maturity date).
Exchange Rate The exchange rate is determined by current market conditions and is known as the spot rate. The exchange rate is predetermined and agreed upon by the two parties involved in the forward contract.
Liquidity The spot market is highly liquid, with a large number of participants and high trading volumes. The forward market is generally less liquid than the spot market, especially for longer maturities and less-traded currency pairs.
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