FOREIGN EXCHANGE REFERRED TO MARKET

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Money have no borders. As such, it has been referred to as the market closest to the ideal perfect competition, notwithstanding market manipulation by central banks. According to the Bank for International Settlements, average daily turnover in global foreign exchange markets is estimated at $3.98 trillion. Trading in the world's main financial markets accounted for $3.21 trillion of this. This approximately $3.21 trillion in main foreign exchange market turnover was broken down as follows:
  • $1.005 trillion in spot transactions
  • $362 billion in outright forwards
  • $1.714 trillion in foreign exchange swaps
  • $129 billion estimated gaps in reporting

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