Forex - Foreign Exchange Part 2 Currency market.

Foreign exchange transactions that are settled immediately are said to occur in the spot market, while transactions to be settled at a future date occur in either the forward or the futures market.
These markets are summarized below:
1. Spot Market:
This is the market for currencies for immediate delivery. The price of foreign exchange in the spot market is referred to as the spot exchange rate or simply the spot rate. 

2. Forward Market:
This market is for the exchange of foreign currencies at a future date. A forward contract usually represents a contract between a large money center bank and a well-known (to the bank) customer having a well-defined need to hedge exposure to fluctuations in exchange rates.
Although forward contracts usually call for the exchange to occur in either 30, 90 or 180 days, the contract can be customized to call for the exchange of any desired quantity of currency at any future date acceptable to both parties to the contract.
The price of foreign currency for future delivery is typically referred to as a forward exchange rate or simply a forward rate.