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The history, values, institutions, habits, skills, technology, and arts of a society make up that society's:
Spot Rate
The current market price used for immediate settlement of transactions involving a foreign currency.
Settlement Date
The date on which a trade is final, and the buyer must make payment and the seller deliver the asset.
Commitment Date
The date on which two parties agree upon the terms of a financial transaction or agreement, creating a commitment.
Net Method
An accounting method that records transactions and balances net of any discounts or allowances.
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