Markets where assets are bought or sold within a few days or at some future dates are classified as

Markets where assets are bought or sold within a few days or at some future dates are classified as spot markets and future markets. The spot market is where financial instruments, such as commodities, currencies and securities, are traded for immediate delivery. Delivery is the exchange of cash for the financial instrument. A futures contract, on the other hand, is based on the delivery of the underlying asset at a future date.