1.Spot transactions are foreign exchange transactions that have to be settled promptly, forward transactions have to be settled on a agreed future date. 即期交易是指必须立刻进行交割的外汇交易，远期交易必须在双方约定的将来某个日期进行交割。
(1)此句中的that have to be settled promptly是定语从句。
(2)have to:to be obliged to. must:被迫：必须：
例：We simply have to get there on time.
我们不得不准时赶到那里
(3)on a agreed future date在双方约定的将来某个日期
agreed是agree的过去分词，做定语，意思是“双方约定的；双方同意的”。
2.The price of one currency in terms of another is called rate of exchange or exchange rate. 一种货币的价格用另一种货币来表示，叫做汇率。
(1)in terms of…:as measured or indicated by. in units of:用…衡量或表示；用…的措辞：
例：distances expressed in terms of kilometers as well as miles
用公里和英里来表示距离
3.If the forward rate is above the spot rate, the difference is called premium, if the forward rate is below the spot rate, the difference is known as a discount. 如果远期汇率高于即期汇率，其差额叫做升水；如果远期汇率低于即期汇率，其差额叫做贴水。
(1)forward adj.of, relating to, or done in preparation for the future:预付的，期货的：属于（关于）将来的，为将来做准备的
例：bidding on forward contracts for corn.
为玉米的期货交易叫价
(2)spot adj.①made, paid, or delivered immediately立即制定、支付或发送：
例：a spot sale
即时结清的买卖
②of, relating to, or being a market in which payment or delivery is immediate现场交易的：货到时付的或现付的，交易等当时支付现金的与市场相关的或市场的，在此种市场中现金支付和交割即时进行
例：the spot market in oil.
石油的现场交易市场
(3)premium n.the amount at which something is valued above its par or nominal value, as money or securities溢价：某物高于标准价或票面价的价值，如钱或证券
(4)discount n.①a reduction from the full or standard amount of a price or debt折扣：从整个或标准的价格或债款的折扣
②the act or an instance of discounting a bill of exchange, note, or other commercial paper贴现：对期票、钞票或其他商业票据打折扣的过程或事例