The Retail Off Exchange Foreign Currency Market (Forex market) is the largest market in the world, with trades amounting to more than $ 1.9 trillion every day. Most Forex trading is speculative, with only a small percentage of market activity representing governments’ and companiesl currency conversion needs.
In contrast with trading on the stock market, the Forex market is not conducted by a central exchange, but on the Interbank market. This is also known as an OTC (over the counter) market. Trading takes place directly between the two counterparts, either telephonically or on electronic networks round the world.
The major trading centres are London, New York, Tokyo, Frankfurt and Sydney. This worldwide distribution of trading centres means that the Forex market runs 24-hours a day, 5.5 days a week- open from 21h00 hrs GMT Sunday night to 21h00 Friday night
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