The off-exchange forex market is a large, growing and liquid finan-
cial market that operates 24 hours a day. It is not a market in the
traditional sense because there is no central trading location or
“exchange.” Most of the trading is conducted by telephone or
through electronic trading networks.
The primary market for currencies is the “interbank market”
where banks, insurance companies, large corporations and
other large financial institutions manage the risks associated
with fluctuations in currency rates. The true interbank market
is only available to institutions that trade in large quantities
and have a very high net worth.
In recent years, a secondary OTC market has developed that per-
mits retail investors to participate in forex transactions. While this
secondary market does not provide the same prices as the interbank
market, it does have many of the same characteristics
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