A forex transaction that involves the simultaneous purchase and sale of identical amounts of one currency for another with two different value dates. In other words, this swap has the effect of rolling from a deliverable currency position into a nondeliverable contract. It may be viewed as a combination of two offsetting currency transactions each with its own value date (the near date and the far date). An FX swap is usually executed when one currency is exchanged for another on nearby value date, with the intention to to reverse the transaction on a farther value date. When a FX swap involves a spot trade, it is referred to as a short-dated FX swap. The far date version is normally executed within a week. However, the far date may extend to one week, two weeks, one month, two months, and so on. Dealers may sometimes quote prices for odd dates and forward swaps where the near-date leg is executed as a forward rather than a spot transaction.