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In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying for some quantity of another currency. The modern foreign exchange market began forming during the 1970s after three decades of government restrictions on foreign exchange

transactions (the Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states after World War II), when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.

The foreign exchange market is unique because of the following characteristics:

its huge trading volume representing the largest asset class in the world leading to high liquidity;
its geographical dispersion;
its continuous operation: 24 hours a day except weekends, i.e., trading from 22:00 GMT on

thSunday (Sydney) until 22:00 GMT Friday (New York);
the variety of factors that affect exchange rates;
the low margins of relative profit compared with other markets of fixed income; and
e use of leverage to enhance profit and loss margins and with respect to account size.

As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks.

According to the Bank for International Settlements,[3] the preliminary global results from the 2013 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged $5.3 trillion per day in April

2013. This is up from $4.0 trillion in April 2010 and $3.3 trillion in April 2007. Foreign exchange swaps were the most actively traded instruments in April 2013, at $2.2 trillion per day, followed by spot trading at $2.0 trillion.

According to the Bank for International Settlements,[4] as of April 2010, average daily turnover in global foreign exchange markets is estimated at $3.98 trillion, a growth of approximately 20% over the $3.21 trillion daily volume as of April 2007. Some firms

specializing on foreign exchange market had put the average daily turnover in excess of US$4 trillion.[5]

The $3.98 trillion break-down is as follows:

$1.490 trillion in spot transactions
$475 billion in outright forwards

$1.765 trillion in foreign exchange swaps
$43 billion currency swaps
$207 billion in options and other products
Contents [hide]
1 History
1.1 Ancient
1.2 Medieval and later
1.3 Early modern

1.4 Modern to post-modern
1.4.1 After WWII
1.4.2 Markets close
1.4.3 After 1973
2 Market size and liquidity
3 Market participants
3.1 Commercial companies
3.2 Central banks
3.3 Foreign exchange fixing

3.4 Hedge funds as speculators
3.5 Investment management firms
3.6 Retail foreign exchange traders
3.7 Non-bank foreign exchange companies
3.8 Money transfer/remittance companies and bureaux de change
4 Trading characteristics
5 Determinants of exchange rates
5.1 Economic factors
5.2 Political conditions

5.3 Market psychology
6 Financial instruments
6.1 Spot
6.2 Forward
6.3 Swap
6.4 Future
6.5 Option
7 Speculation
8 Risk aversion
9 Carry trade
10 Forex signals

11 See also
12 References
13 External links
History[edit]
Ancient[edit]
Currency trading and exchange first occurred in ancient times.[6] Money-changing people, people helping others to change money and also taking a commission or charging a fee were living in the times of the Talmudic writings (Biblical times). These people (sometimes called

"kollybistẻs") used city-stalls, at feast times the temples Court of the Gentiles instead.[7] Money-changers were also in more recent ancient times silver-smiths and/or gold-smiths.[8]

During the fourth century, the Byzantium government kept a monopoly on the exchange of currency.[9]

Currency and exchange was also a vital and crucial element of trade during the ancient world so that people could buy and sell items like food, pottery and raw materials.[10] If a Greek

coin held more gold than an Egyptian coin due to its size or content, then a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods. This is why the vast majority of world currencies are derivatives of a universally recognized standard like