Spot, T+1, swap …sounds like a bunch of jargon, right? Maybe. But, a little jargon is necessary and getting to know industry terms such as Spot transactions can help you talk to your members about foreign exchange trading.
A Spot transaction is the exchange of one currency for another and is the most common transaction in the foreign exchange market. For example, if a member executes a Spot trade to sell USD 100,000.00 at 1.1000 she is consequently buying CAD 110,000.00.
Business owners who are buying and selling products in the U.S. require foreign exchanges services such as Spot trading.
Watch this demo video and see how easy it is to execute a spot transaction using the Concentra FX trading system.
Would your credit union like to add foreign exchange services to your menu of offerings? With our industry-leading foreign exchange services and experts, we can make that easy and profitable for your credit union. Find out how by contacting the Concentra FX team or 1-306-566-1747.