What are the key differences between foreignexchange, Finance Basics

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What are the key differences between foreignexchange

1. What does it mean to describe the foreign exchange market as an "over-the-counter market"?

2. What is the difference between a spot transaction and a forward transaction in the foreignexchange market?

3. What are the key differences between foreignexchange forward contracts and foreign exchange futures contracts? Why are forward contracts more widely used in the foreign exchange market than are futures contracts?

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