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, today (1/1/XX) IBM will pay to Bank One and Bank One will pay IBM USD 89,100; MXN 1,000,000 USD 90,400; MXN 1,000,000 nothing; nothing MXN 1,000,000; USD 89,100