A currency spot trade, or simply spot trade, is a foreign exchange transaction executed at the spot rate. If a dealer quotes spot USD-JPY as 106.30-35 and a corporate client sells one million JPY against USD at that rate to International Bank XYZ, the trade date (‘day 0’) is today, but the transaction usually settles in two business days (‘day 2’). On day 2, the company must wire the bank one million JPY and will receive USD 9,402.91 from the bank.