TOMORROW NEXT (TOM/NEXT) refers to a type of currency transaction that involves the simultaneous buying and selling of a currency for two different settlement dates. This type of transaction is commonly used by forex traders to avoid the delivery of currency, as it allows them to roll over their position to the next day. TOM refers to the next business day, while NEXT refers to the following business day after that. For example, a trader who executes a TOM/NEXT transaction on Wednesday will sell the currency for delivery on Thursday (TOM) and simultaneously buy the same currency for delivery on Friday (NEXT).