forward discount
A circumstance that arises in the forex Forward Market when the spot exchange rate for a currency pair trades at a higher level than its exchange rate for a given future date. In such a situation, the currency pair is said to trade forward at a discount to its spot rate, and a forward discount tends to reflect the possibility that the currency pair might fall over time due to pressures arising from interest rate differentials.
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National Securities Markets Improvement Act of 1996 (NSMIA)