option and futures

It is the first month ending after the date of the transaction (i.e. the date the foreign currency is being exchanged or the date that the loan/deposit starts). I do explain this in detail, with examples, in my free lectures on foreign exchange risk management and on interest rate risk management.

hehe, i already seen your video, i feel like i understand it at first, then suddenly everything become mixed up when im doing past year question :( , so , if i understand it correctly, you mean that the month on futures and option of foreign exchange risk and interest rate risk is only first month ending after the date of transaction which is in futures when , the date you buy / sell the futures.. and for option is when the premium is paid???

The 'rule' is just for choosing which of the futures or options to trade in. With futures, the deal is started 'today' and is closed on the date of the transaction. With options, the premium is always payable immediately, and it on the date of the transaction that it is decided whether or not to exercise the option.