In the FX market transactions in the spot market are actually settled two days later, but are delivered right away. In the speculative spot FX markets, unlike the spot commodity markets no good actually change hands. Transactions are simply settled as computer entries between the tow parties in the trade. In other words the sale of 100 million euros for dollars does not obligate the seller to actually deliver the hard currency to the buyer, but simply requires him to settles out the difference if any between the entry price and the current market price.