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A foreign exchange spot transaction，also known as FX spot，is an agreement between two parties to buy one currency against selling another currency at an agreed price for settlement on the spot date.The exchange rate at which the transaction is done is called the spot exchange rate，it is to price one currency with the other currency.Chapter 2 states that foreign exchange market is by far the largest financial market on which the spot exchange rate is determined.Spot rate is the fundation to construct the whole foreigh exchange market.It is the core element with which rest of the FX derivatives are built.This chapter shares knowledge on：
• Some basic principles of FX spot；
• The quotation conventions in foreign exchange market；
• Bid-Ask spread；
• Arbitrages in FX spot.