Here are direct spot and forward markets quotes for MXN over three points in time: now (1/1/XX), one month later (2/1/XX), three months later (4/1/XX), and six months later (7/1/XX). On 1/1/XX, IBM bought a 1 month forward contract of MXN 1,000,000 from Bank One. Based on this transaction: IBM will pay USD 96,300 to Bank One now, and will receive MXN 1,000,000 from Bank One in 1 month IBM will pay USD 96,300 to Bank One in 1 month, and will receive MXN 1,000,000 from Bank One in 1 month IBM will pay USD 90,400 to Bank One in 1 month, and will receive MXN 1,000,000 from Bank One in 1 month IBM will pay MXN 1,000,000 to Bank One in 1 month, and will receive USD 96,300 from Bank One in 1 month