The off-exchange forex market is a large, growing and liquid financial market that operates 24 hours a day, 5 days a week. 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 permits 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.
Euro Exchange Rate
