5. In relation to FX markets, which of the following is NOT correct?

Select one:

a. A direct FX quote is where USD currency is the base currency in the FX quote

b. The difference between a FX dealers bid and offer quotes is referred to as the spread

c. The spot rate GBP/EURO means the spot price of GBP in terms of the EURO

d. A FX dealer is the party that quotes both bid and offer prices

e. Forward currency transactions have a delivery date with up to three business days to settle