Forex exchange, the biggest and most liquid market in the world attract millions of small, medium and big size participants. They have different purposes and goals and different time horizons for their currency operations. Combined, all of their orders and positions produce a multilayered market structure, which determined the daily movements of the currency pairs and reactions of the market to news events.    The forex market is an OTC (over the counter) market. That means it has no specific central market place. It is fairly distributed among all the biggest financial centers in the world. The biggest center, which is responsible for the main currencies cash flow is London. According to the Bank for International Settlements April 2010 survey, London accounts for about 37% of the daily transaction volume. The other big centers are located in USA (New York) – 18% of the transaction volume, Japan (Tokyo), Switzerland (Basel and Zürich), Singapore, Hong Kong and Australia. According to the same survey in 2010 the daily turnover in the whole forex world is about 4 trillion $. Of this number 1.5 trillion $ accounts for spot transactions and the other 2.5 trillion $ accounts for f…
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