A short date is a foreign exchange swap or outright transaction for value less than 1 month after spot.
Values dates earlier than 1 month are referred to as ‘short dates’. There are certain regular dates usually quoted, and the terminology used is the same as in the deposit market, as follows:
‘Tomorrow’ means ‘the next working day after today’ and ‘next’ means ‘the next working day following’.
When referring to outright deals rather than swaps, one refers to ‘value today’, ‘value tomorrow’, ‘value spot/next’, ‘value a week over spot’.
Overnight prices are the only regular swap prices not involving the ...