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-tier interbank market accounts for 39% of all transactions.[59] From there, smaller banks, followed by large multi-national corporations (which need to hedge risk and pay employees in different countries), large hedge fu

nds, and even some of the retail market makers. According to Galati and Melvin, “Pension funds, insurance companies, mutual funds, and other institutional investors have played an increasingly important role in fi

nancial markets in general, and in FX markets in particular, since the early 2000s.” (2004) In addition, he notes, “Hedge funds have grown markedly over the 2001–2004 period in terms of both number and overal

l size”.[64] Central banks also participate in the foreign exchange market to align currencies to their economic needs.

Commercial companies[edit]
The mere expectation or rumor of a central bank f

An important part of the foreign exchange market comes from the financial activities of companies seeking foreign exchange to pay for goods or services. Commercial companies often trade fairly small amounts compare

d to those of banks or speculators, and their trades often have little short term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some multination

al companies can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants.

Central banks[edit]
National central banks play an important role in the for

eign exchange markets. They try to control the money supply, inflation, and/or interest rates and often have official or unofficial target rates for their currencies. They can use their often substantial foreign exchang

e reserves to stabilize the market. Nevertheless, the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses, like other traders would, and there is no convincing evidence that they do make a profit trading.

Foreign exchange fixing[edit]

Foreign exchange fixing is the daily monetary exchange rate fixed by the national bank of each country. The idea is that central banks use the fixing time and exchange rate to evaluate behavior of their currency. Fixing exchange rates reflects the real value of equilibrium in the market. Banks, dealers and traders use fixing rates as a trend indicator.

Public financeoreign exchange intervention might be enough to stabilize a currency, but aggressive intervention might be used several times each year in countries with a dirty float currency regime. Central banks do not always achi

eve their objectives. The combined resources of the market can easily overwhelm any central bank.[65] Several scenarios of this nature were seen in the 1992–93 European Exchange Rate Mechanism collapse, and in more recent times in

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Asia.

Hedge funds as speculators[edit]
About 70% to 90%[citation needed] of the foreign exchange transactions conducted are speculative. This means the person or institution that bought or sold the currency has no plan to actually take deli

very of the currency in the end; rather, they were solely speculating on the movement of that particular currency. Since 1996, Hedge funds have gained a reputation for aggressive currency speculation. They cont