2.4× (14%-10% )× 3/12 = 0.024, that is, USD discount and GBP discount. The three-month forward exchange rate of the pound is GBP 1 = 2.424 USD. The London foreign exchange market is the earliest established worldwide market and a prestigious international foreign exchange market. It has a long history, large trading volume and advanced modern electronic communication network, and is one of the largest foreign exchange markets in the world. London foreign exchange market is a typical intangible market. There is no fixed trading place, but foreign exchange transactions are completed by telephone, telex and telegram. In the London foreign exchange market, about 600 foreign exchange banking institutions participate in foreign exchange transactions, including domestic clearing banks, commercial banks, other commercial banks, discount companies and foreign banks. There are about 250 designated dealers in the London foreign exchange market. During the implementation of foreign exchange control in Britain, foreign exchange transactions between foreign exchange banks were generally conducted through foreign exchange brokers. 1979 10 after the abolition of foreign exchange control in Britain, foreign exchange transactions between foreign exchange banks do not have to go through foreign exchange brokers.

Spot foreign exchange is also called spot foreign exchange or spot foreign exchange. After the symmetrical foreign exchange transaction of "forward foreign exchange" is concluded, the buyer and the seller must make immediate delivery, that is, receive or pay foreign exchange within two business days. Spot foreign exchange trading is also called "spot foreign exchange trading". Spot foreign exchange trading: also known as spot trading or spot trading, refers to a trading behavior in which both parties go through the delivery procedures on the same day or two trading days after the completion of foreign exchange trading. Spot foreign exchange market transactions are generally delivered within the same day or two working days, and generally delivered within the second working day after the transaction, such as London, new york, Paris and other markets. In the China-Hong Kong market, the Hong Kong dollar will be delivered on the day of spot trading against the US dollar, the next day against the Japanese yen, the Singapore dollar and the Australian dollar, and the third day, that is, the second working day after trading.

Spot foreign exchange market is a highly specialized market, which consists of banks and foreign exchange brokers. Companies and individuals can only buy and sell spot foreign exchange through banks as customers, and cannot become direct members of the market. At present, the spot foreign exchange market has other trading methods far exceeding the foreign exchange market, whether it is the total trading volume or the average trading volume of each transaction. Such as futures, forwards and options. In China, personal foreign exchange transactions are mainly in the spot foreign exchange market, so individuals can't trade directly, but must go through the bank. Individuals who want to engage in this business can open an account in a bank that has already started foreign exchange trading.