Where is the forex market?
The forex market does not exist anywhere in the world physically. Hearing the word, 'market', you may imagine the physical places like a vegetable market, fish market or a stoke exchange. The forex market is based on the OTC unlike the exchange traded products based on price-centralization. In this OTC market, the forex authorized banks play a roll to intermediate remittance occurring in the international trades and the capital flows on the cross border basis. Such banks trade forex with some counterparties with support by some forex brokers, otherwise, they sometimes trade directly to another party using a certain dealing machine. The trading room, which environment is specialized for trading, has much kind of equipments, direct phones, electric devices and some others to help. We call this virtual network as the forex market.
The forex market is the biggest one in the world. There are many forex players in the main capital city, London, New York, Tokyo, Hong Kong, Singapore, Frankfurt and Zurich. Each market takes over the role of main play zone from others accordingly as time has passed. Thus, the forex market is said gthe market never sleeps." Most major banks set up 24 hours trading system in their own way. According to BIS survey, issued in April 2001, the average volume of forex trading per a day amounts to US$619 billion. No one doubts that this market is the biggest in the world.