The term for a transaction in the foreign exchange market that requires an almost immediate delivery (typically within two days) of foreign exchange is a spot transaction.
A spot transaction is the sale or purchase of a foreign currency, financial instrument, or commodity for instant delivery. The delivery is usually done in two day settlement period.
An example of a spot transaction is as follows:
Someone in Singapore would like to purchase a home in the United States. They will need to fund their USD account for the home transaction. The funds will be needed immediately (say, in two days), so the person book a spot transaction on that very day, thereby locking in the exchange rate of both currencies they are using. In two days' time, the person transfers the required SGD funds to the counterparty and receives the USD funds in their account.
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