what is the fx exchange for physical 
an fx exchange for physical involves simultaneous transactions in the cash and futures markets this is an ex pit transaction that can take place outside of the central limit order book as approved under rule 538 2the bottom linethe exchange of futures for physical efp allows two parties to swap equivalent positions in a futures contract and an underlying physical asset either to open or close a futures position efp is a market neutral transaction and the price is privately negotiated before the transaction is reported to the relevant exchange efp allows traders to switch up their holdings to meet their needs control how their exposure is held manage their inventory and take advantage of price changes 