![]() The global foreign exchange trade is mainly driven by sessions in four continents, namely Australia (Sydney), Asia (Tokyo), Europe (London) and North America (New York). Thanks to different time zones, foreign exchange market is globally open 24 hours except on weekends. Global foreign exchange market is largely unregulated and decentralized. The UK is the most important forex trading location globally, with 38% of global turnover, followed by the US with 19% Singapore with 9%, Hong Kong with 7% and Japan with 4%.Īmong the currencies, the US Dollar is the world’s most dominant currency and is on one side of 88% of all trades, followed by the Euro with 31%, the Japanese Yen at 17% and the Pound Sterling at 13%, according to the BIS survey. According to BIS survey, 78% of all forex or FX trading takes place in five forex trading hubs that are major financial centres- the United Kingdom, the United States, Singapore, Hong Kong SAR and Japan. More than 50 currencies trade globally, but the volume in forex or FX market is concentrated in few trading hubs and currencies. Though there are trading platforms, most trades in the market still are executed bilaterally. Unlike stocks and bonds, the foreign exchange market is fragmented with most trades happening over-the-counter where transactions are done between two parties over the phone or electronically. ![]() The turnover of the global foreign exchange markets reached $7.5 trillion per day in April 2022, or 30 times more than the daily global GDP, according to the Triennial Central Bank Survey of the Bank for International Settlements. It is one of the oldest and the largest financial markets and the most liquid of all of them. The foreign exchange, or forex, market is where one country's currency is traded with that of another country.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |