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- ga
- forward exchange market
- en
- Definition A forward is a prospective amount of a currency or a commodity obtained by a contract between a buyer and a seller. Under this, the seller undertakes to provide the client with a fixed amount of the currency or commodity on a fixed future date at a fixed rate of exchange, or price. This differs from a futures contract in that each forward contract is a once-only deal between the two parties, while futures contracts are in standard amounts traded on exchanges. Reference The Economist International Dictionary of Finance, Second Edition, 1995