GFMA responds on spot FX definition: GFMA has responded to the EU Commission's consultation on the difference between spot FX contracts and FX derivatives. It proposes to define spot FX as an agreement to exchange two currencies within the customary timeline of the relevant spot market, which in general will be two working days. No regard should be paid to the underlying purpose for the contract or to whether payment netting has taken place. Where the purpose of the contract is to facilitate the purchase of a security denominated in a foreign currency, the period within which an FX transaction would still be deemed a spot contract should be that of the settlement cycle for the relevant security. (Source: Response on Spot FX Definition)