The exchange rate is the rate at which one currency can be converted into another. The spot rate is the rate of exchange for currencies being bought and sold for immediate delivery today. The forward rate is the rate of exchange between currencies to be delivered at a future point in time—usually 30, 90, and 180 days from today. The futures rate is also a rate of exchange between currencies to be delivered at a future point in time. In contrast to forward contracts, futures contracts are standardized with respect to size and delivery date and are traded on organized exchanges, such as the International Monetary Market. Foreign currency options give the option holder the right to buy or sell a foreign currency at a fixed price over some time horizon. V=96