What is Cash/Value today contract?

Cash / Value today contract / rate :
Foreign exchange contracts which provide for settlement on the contract itself are called
‘cash’ or ‘value today’ contracts and the rate applicable to them are called ‘Cash’ or
‘Ready’ rates. Such contracts are represented as C + O. The rates for such transactions
are derived from the ongoing spot rates. It is not possible to deal on ‘cash’ basis in all
currencies due to time zone limitations.