Major foreign exchange markets in the world
The foreign exchange market refers to a trading market with banks and other financial institutions, proprietary dealers and large multinational enterprises as participants, connected through intermediary agencies or telecommunication systems, and trading in various currencies. It can be tangible - such as a foreign exchange exchange, or intangible - such as interbank foreign exchange transactions through telecommunications systems. According to the latest statistics of the bank for International Settlements, the average daily trading volume of the international foreign exchange market is about US $1.5 trillion.
At present, there are more than 30 major foreign exchange markets all over the world. According to the traditional geographical division, it can be divided into Asia, Europe and North America. Among them, the most important are London, Frankfurt, Zurich and Paris in Europe, New York and Los Angeles in America, Sydney in Australia, Tokyo, Singapore and Hong Kong in Asia.
Each market has its own fixed and unique characteristics, but all markets have something in common. Each market is separated by distance and time, they are sensitive to each other and independent. At the end of each business day, a center delivers orders to other centers, sometimes setting the tone for the opening of the next market. These foreign exchange markets take their cities as the center and radiate to other countries and regions around them. Due to the different time zones, the foreign exchange markets open one after another during the business hours, and then they are listed for business. They are connected with each other through advanced communication equipment and computer network. Market participants can trade all over the world. The flow of foreign exchange funds is smooth, and the exchange rate difference between markets is very small, forming a global integrated operation and all-weather operation system One is the international foreign exchange market. The simple situation can be seen in the following table:
|region||city||Opening time (GMT)||Closing time (GMT)|
|North America||New York||12：00||20:00|