Forward market

The over-the-counter trading of forward contracts.

Investopedia Says:
Forward contracts are personalized between parties and therefore not frequently traded on exchanges. The forward market is a general term used to refer to the informal market in which these contracts are entered and exited.

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Market where dealers agree to deliver currency, commodities, or financial instruments at a fixed price at a specified future date. Most forward contracts are made for delivery at specific future dates, for example, one week from the transaction date, one month, and so on. Longer term contracts are more speculative in nature, and are substantially more risky. See alsoRollover; Spot Next; Tomorrow Next.

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The forward market is the over-the-counter financial market in contracts for future delivery, so called forward contracts. Forward contracts are personalized between parties (i.e., delivery time and amount are determined between seller and customer). The forward market is a general term used to describe the informal market by which these contracts are entered into. Standardized forward contracts are called futures contracts and traded on a futures exchange.

It should not be confused with the futures market.

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