What does the term "spot order" mean?

[IceBergSLiM]

I've read this in an email and couldn't quite make out from context what it means.

Google wasn't much help.

Anyone?

 

[mb]

My guess is it means to order something when it's needed instead of stocking it up and having excess on hand.

But it could depend on the context. If it's related to stock then it probably means something completely different.

 

[blackdogdeek]

could be an order to purchase or sell a specific currency at the current (spot) exchange rate.

 

[IceBergSLiM]

could be an order to purchase or sell a specific currency at the current (spot) exchange rate.

ok yes this makes sense.

As opposed to an offer to buy or sell above/below the spot price

 

[Blackjack200]

ok yes this makes sense.

As opposed to an offer to buy or sell above/below the spot price

Not sure what the second sentence means, but spot just means 'for immediate delivery' as opposed to a futures trade.

http://en.wikipedia.org/wiki/Spot_market

Technically the NYSE could be considered a spot market (I believe) but the term is used almost exclusively to refer to the spot forex market.