In a currency forward transaction, the maturity date —also known as the ‘value date’— is the date at which the trade is settled and one currency is exchanged against another. The maturity date of a forward contract can be weeks, months or, in cases involving very liquid currencies such as USD and EUR, even years after the contract has been signed. The maturity date is freely agreed between the buyer and the seller. This is not the case with futures markets transactions, where the maturity date is standardised by the futures exchange.