A market for forward contracts in which trades are made for future delivery according to an agreed-upon delivery date, exchange rate, and amount.
A market for exchange of currencies in the future. Participants in a forward market enter into a contract to exchange currencies, not today, but at a specified date in the future, typically 30, 60, or 90 days from now, and at a price ( forward exchange rate) that is agreed upon today.
A market which delivers and settles on a date other than spot. The value date can be the same day as transaction date, tomorrow or three days following the transaction date. Deals for value up to one month are known as short dates. The standard forward dates are counted from the spot value date.