Short Dated Forwards/Deposits

Transactions in bank deposits or in currencies, which extend for a period of up to a month. They are designated by letters that show the duration of the deal such as O/N, or overnight, for the period covering today until the next working day. Similarly tom/next is a transaction when the first value date is tomorrow for maturity the next working day, spot/next is a trade made for delivery the day after the spot delivery date and spot/week is spot to one week following spot. For most markets spot refers to a transaction for which settlement is two days from today.

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