You start working for a US company based in Cleveland. Your company has export-import transactions with a few businesses in Switzerland and you handle all such international transactions. Your company is a valued client of a major local bank and the bank sends the exchange rates daily to your office via email. You pull out the bills due for collection (accounts receivable) and payments (accounts payable) today and start reading the following outright quotes for Swiss Francs against the dollar (CHF/S) from your bank. As an Rates Spot 1 M Fwd 3 M Fwd 6 M Fwd CHF/S Bid 1.6075 1.6085 , you would receive S 1.6089 1.6095 Ask 1.6085 1.6100 1.6107 1.6115 if you sold CHF 500,000 in the spot market.