Fixed Date Forward

Buy or sell currency with delivery for a specific date, up to 12 months in advance.

Foreign Exchange

The global marketplace where participants can buy, sell or exchange currencies.

Forward Contract

Agreement to buy/ sell currency at a pre-specified exchange rate, with added forward points, at a future date.

Forward Points

Pips, based on interest rate differentials, added to or subtracted from the current exchange rate in order to calculate a forward price.