Spot date

A spot contract (german spot deal or short spot) is a standardized contract on securities, currencies or fungible items with similar terms, which is to meet not later than two trading days after the conclusion of the two parties. Complementary concept is the forward contract.

General and history

The term comes from the stock market and banking system, but is used in addition, also in the entire commodity and commodity trading. In the merchandise trade and the names Loko, prompt or effective business are common. The term identifies all transactions in which the mutual fulfillment must take place no later than the second day following the day of the transaction of trading. As a trading day shall be the settlement date, so that although about December 24 is not a trading day, but the settlement date. If this two-day settlement period by holidays - which are not fulfilling day - interrupted, these holidays are not counted in determining the 2 -day period.

When cash transaction the contractually agreed exchange of two commercial properties between two partners to a certain point ( the "spot value " ) at a specific exchange ratio ( " spot rate " ) is completed. The cash transactions ( " cash trading " ) takes place not only in the stock market, but also over the counter. The totality of cash transactions is as cash trading, the stock market segment for cash transactions is referred to as the spot market.

At the coffee trade differed Willy sick in his dissertation "Organization and pricing in the German wholesale " in 1929, the delivery and time trading, the Lokogeschäft a shop with immediate delivery is arising from " a sampling or description of the goods, but mostly after their visit is completed. " Already in the oldest German Commodity Exchange, the Stock Exchange was founded in Augsburg in 1540, Lokogeschäfte were common.

Legal bases

For a long time spot transactions not regulated by law in Germany, so that their settlement was 346 HGB and commercial usage according to §. For the BGH foreign exchange transactions were considered to be cash transactions when they " have to be met within the standard for spot transactions two days ": The exchange of services by transferring the trading object has train to be made to train against payment of the purchase price within the usual for spot transactions period of two days. It is a real delivery business in which the agreement of a later delivery time is missing and no play.

Article 38 paragraph 2 of the EU Regulation of 10 August 2006 ( 1287/2006 ) speaks of a forward contract, if regardless of its explicit terms of an agreement between the parties is to the effect that the delivery of the Underlying is suspended over two trading days ahead. Accordingly, is after the EU regulation a spot transaction regularly present when the conditions in a contract for the sale of a commodity, asset or right provide that the delivery must be done after two trading days at the latest.

Species

In -serious cash transactions it comes to the Contracting Parties to the effective delivery of the agreed trade objects. The nature of a within two trading days outstanding spot transaction first speaks to a difference intention of the parties involved.

The cash transactions, according to the case law also includes transactions with separate warrants from a bond transactions using foreign currency warrants, which were separated by a DM foreign loan and severed equity warrants convertible bonds. Transactions with separate warrants from bonds issued by foreign public companies are even cash transactions when the authoritative foreign law does not regulate the issue of bonds by law.

Bill cash transactions are, however, exists where both parties are in agreement that is not done, but some circumstance to decide what should be paid and by whom. In appearance cash transactions, parties close by special terms or the actual nature of the contract execution the immediate exchange of services as the characteristic of the spot transaction from, intend in truth no delivery and no agree -delayed settlement date; they wish to generate speculative profits through credits from similar transactions. In sham spot transactions are transactions that are in the form of two opposing external sales record at a reasonable price volatile reference value, according to the will of the parties to be purely financially compensated but. The balancing is not done then out of the assets or borrowing of customers but from the proceeds of the intended from the outset resale of retail properties. The Supreme Court uses the terms bill cash transaction and concealed futures interchangeably.

Daytrading is the same-day purchase and sale of commercial property with the sole intention of generating of exchange or price differences profits; the day trader is also not interested in trading object. Day trading spot transactions in foreign currencies are hidden for differences in the meaning of § 762 BGB, if the parties perform only seemingly serious cash transactions, but in fact agree that, as a result, only the difference will be due from the shops. Daytrading shops are as "pure" for difference no futures. Since November 2007, in § 2, para 2 No. 3 WpHG derivatives mere " Financial contracts for differences " expanded to also Daytradinggeschäfte or credit derivatives are recorded. Therefore, now grab the protective effects of financial futures transactions under § 37e of the WpHG, because it is clarified herein that derivatives 2, Section 2 of the WpHG and warrants are to be regarded as financial futures contracts within the meaning of §. Then, the consumer is entitled to a claim for damages, if

• He was wrong or not at all informed and
• He had acted differently, with proper education and
• Him a detectable damage.