Foreign exchange marketFrom Wikipedia, the free encyclopedia
[th]Foreign exchange[/th]
[th]Exchange rates[/th]
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[th]Markets[/th]
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[th]Assets[/th]
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[th]Historical agreements[/th]
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[th]See also[/th]
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The foreign exchange market (Forex, FX, or currency market) is a global [You must be registered and logged in to see this link.] or [You must be registered and logged in to see this link.]market for the trading of [You must be registered and logged in to see this link.]. This market determines the
[You must be registered and logged in to see this link.]. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of
[You must be registered and logged in to see this link.], it is by far the largest market in the world, followed by the
[You must be registered and logged in to see this link.].
[You must be registered and logged in to see this link.]The main participants in this market are the
[You must be registered and logged in to see this link.].
[You must be registered and logged in to see this link.] around the world function as anchors of trading between a wide range of multiple types of
[You must be registered and logged in to see this link.] and sellers around the clock, with the exception of weekends. Since currencies are always traded in pairs, the foreign exchange market does not set a currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Ex: US$1 is worth X CAD, or CHF, or JPY, etc.
The foreign exchange market works through
[You must be registered and logged in to see this link.] and operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the "
[You must be registered and logged in to see this link.] (although a few insurance companies and other kinds of financial firms are involved). Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, Forex has little (if any) supervisory entity regulating its actions.
The foreign exchange market assists international trade and investments by enabling currency conversion. For example, it permits a business in the
[You must be registered and logged in to see this link.] to import goods from
[You must be registered and logged in to see this link.] member states, especially
[You must be registered and logged in to see this link.]members, and pay
[You must be registered and logged in to see this link.], even though its income is in
[You must be registered and logged in to see this link.]. It also supports direct speculation and evaluation relative to the value of currencies and the
[You must be registered and logged in to see this link.] speculation, based on the differential interest rate between two currencies.
[You must be registered and logged in to see this link.]In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency.
The modern foreign exchange market began forming during the 1970s. This followed three decades of government restrictions on foreign exchange transactions under the
[You must be registered and logged in to see this link.] of monetary management, which set out the rules for commercial and financial relations among the world's major industrial states after
[You must be registered and logged in to see this link.]. Countries gradually switched to
[You must be registered and logged in to see this link.] from the previous
[You must be registered and logged in to see this link.], which remained
[You must be registered and logged in to see this link.] per the Bretton Woods system.
The foreign exchange market is unique because of the following characteristics:[/ltr]
- its huge trading volume, representing the largest asset class in the world leading to high [You must be registered and logged in to see this link.];
- its geographical dispersion;
- its continuous operation: 24 hours a day except for weekends, i.e., trading from 22:00 [You must be registered and logged in to see this link.] on Sunday ([You must be registered and logged in to see this link.]) until 22:00 GMT Friday (New York);
- the variety of factors that affect [You must be registered and logged in to see this link.];
- the low margins of relative profit compared with other markets of fixed income; and
- the use of [You must be registered and logged in to see this link.] to enhance profit and loss margins and with respect to account size.
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As such, it has been referred to as the market closest to the ideal of
[You must be registered and logged in to see this link.], notwithstanding
[You must be registered and logged in to see this link.] by
[You must be registered and logged in to see this link.].
According to the
[You must be registered and logged in to see this link.], the preliminary global results from the 2016 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged $5.09
[You must be registered and logged in to see this link.] per day in April 2016. This is down from $5.4 trillion in April 2013 but up from $4.0 trillion in April 2010. Measured by value, foreign exchange swaps were traded more than any other instrument in April 2016, at $2.4 trillion per day, followed by spot trading at $1.7 trillion.
[You must be registered and logged in to see this link.][/ltr]
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