The spot foreign exchange market (also called “Forex” or “FX”) is not traded on exchange but rather accomplished over-the-counter by two counter parties. Initially, Forex was traded “Interbank” since trading was conducted only by banks trading with each other. However, with the development of information systems and technology, financial institutions introduced margin trading on foreign exchange at more competitive terms. At present, the majority of foreign exchange transactions are performed by speculators. Institutional investors, funds and government institutions contribute to the rest of the market participants.

It is estimated that daily Forex Market turnover exceeds 4 trillion U.S. Dollars in volume traded. Forex market today is essentially the largest and most liquid of the financial markets. Forex gives traders an access to the market 24 hours a day, 5 days a week, with prices being quoted to one thousandth of a cent!


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