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overwhelming majority of currency trading volume is in the spot market. FOREX inevitably means spot trading to most participants. But it is possible to trade FOREX as a futures vehicle. The primary advantage of FOREX futures lies in the fact that the futures markets are centralized and as such are more heavily regulated. Traders leery of market maker practices in retail spot FOREX may find comfort and a better sleep by trading currencies on a centralized, heavily regulated futures exchange. Indeed, an increase in futures FOREX has been identified in the past two years although volume continues to be dwarfed by the spot market. The selection of traded currency pairs with reasonable liquidity is also smaller in the futures arena. A second- ary advantage is that many popular technical trading methods use volume of trading and open interest. While aggregate volume is known in FOREX, daily figures are unobtainable because of the decentralized nature of the business. Attempts are under way, including those by the author, to synthesize spot FOREX volume and open interest statistics from other data using statistical methods. The correlation of spot FOREX data to futures FOREX data has not been promising. A futures contract is an agreement, or contract, between two parties: a short position, the party who agrees to deliver a commodity, and a long position, the party who agrees to receive a commodity