What kind of trade would involve settling a foreign exchange transaction today?

Question

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A spot trade is a type of trade where the exchange of currencies takes place immediately or "on the spot," which means within two business days after the trade date. It is the most common type of trade involving settling a foreign exchange transaction today. Futures and forward trades are both types of trades where the exchange of currencies takes place at a later date, and triangle trade is not a valid term in foreign exchange trading.

What Kind of Trade Would Involve Settling a Foreign Exchange