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One of the unique aspects of this international market is the absence of a Central foreign exchange market. Most likely, currency trading is conducted electronically over the counter (OTC), which means that all transactions occur through computer networks between traders around the world, rather than on one centralized exchange. The market is open 24 hours a day, five and a half days a week, and currencies are traded around the world in major financial centers in London, new York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris and Sydney-in almost every time zone. This means that when the trading day in the U.S. ends, the Forex market begins anew in Tokyo and Hong Kong. Thus, the Forex market can be extremely active at any time of the day, with price quotes constantly changing.

Brief history of the Forex market
Unlike stock markets, which can trace their roots back centuries, the Forex market, as we understand it today, is a truly new market. Of course, in the most basic sense—when people convert one currency into another for financial gain—Forex has been around since countries started minting currencies. But modern Forex markets are a modern invention. After the conclusion of the Bretton woods agreement in 1971, larger currencies were allowed to float freely against each other. The values of individual currencies are different, which has led to the need for currency services and trade.

Commercial and investment banks conduct most Forex trading on behalf of their clients, but there are also speculative opportunities to trade one currency against another for professional and individual investors.

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