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FOREX stands for market — interbank market. It was established in 1971 when international trade shifted from floating.
From then on, the exchange rate of one currency relative to another is usually expressed in an explicit way — a mutually agreed exchange relationship.
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FOREX trades more than any other.
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For example, about $300 billion is traded on the global securities market every day, and nearly $6 trillion is traded every day.
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However, Forex is not a “market” in the traditional sense. It does not have a specific trading venue, as stocks and futures do.
Foreign exchange transactions are conducted simultaneously between hundreds of banks around the world via telephone and computer terminals.
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