Transactions in bank deposits or in exchanging currencies which extend for a period of up to a month. They are designated by letters that show the duration of the deal, such as O/N for the period covering today until the next working day. Similarly T/N is tomorrow/next working day, S/N is spot to the next day following spot and S/W is spot to one week following spot. For most markets spot is the technical term for a transaction that starts two days from today.
Financial and business terms. 2012.