Distinguish spot, outright forward, and FX swap use cases in plain workplace terms.
The move: start with timing, then name the instrument. A spot trade is for near-term conversion. An outright forward is for fixing a future conversion rate. An FX swap pairs a near exchange with a later reverse exchange. BIS separates these instruments in its FX turnover survey because they solve different problems and carry different operational steps. Most workplace confusion starts when someone asks for "a hedge" or "a quote" without naming the cash-flow date. The product is secondary. The real inputs are: amount, currency pair, value date, whether the flow reverses, and what risk you are trying to reduce.…
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