As most of you know already, nothing in life is for free, and that certainly goes for the foreign exchange spot markets as well. What does this mean? Well, it simply means that you cannot buy and then sell a currency at the same price. Markets will have a bid side and an ask side. The bid side is the price, which you can sell, the base currency, ie, where the market is buying the base currency. And the ask side is the price where you can buy the base currency or consequently where the market is willing to sell the base currency. So on the screen here, the bid price is the price at which you can sell euros, and the ask price is the price at which you can buy euros. And you'll see here there's a small difference there. That is the bid ask spread and effectively what the trader or the market, or the market maker would gain from doing this transaction. This slide shows a number of examples on FX quotes in the spot market. And remember, a standard contract here is a hundred thousand units of the base currency. And just to reiterate, if you expect the base currency to appreciate versus the quoted currency, you would buy or go long the base currency. You would then pay the market ask price, and that of course would mean you'd sell or go short the quoted currency. Vice versa. Of course, if you expect the base currency to depreciate versus the quoted currency, you would sell or go short the base currency. You would then receive the market bid and that would of course mean you'd go long or buy the quoted currency.