The Foreign Exchange (FX) Market is a physical and virtual institutionalized structure through which currency of one country is exchanged for the currency of another. (Satterlee)
Summary: The modern Foreign Exchange (FX) Market was created during the 1970s and has since become the biggest, fastest and most flexible currency trading market in the world. Operations take place almost daily around the clock with minimal breaks on the weekend. The FX Market has many functions to include: conversion, hedging, arbitrage and speculation. It has been stated that although traders that speculate are taking a huge risk the majority (approximately 70-90%) of all transactions are based on speculations. Yet, the FX market continues to flourish, with the United States and the United Kingdom accounting for over 50% of the global turnover. (Business Week)
Discussion: While reading several articles pertaining to the FX Market and comparing the content in those articles to the section focusing on The Foreign Exchange Market in “Cross Border Commerce†I began to understand the complexity of the FX market in depth. Most trades in the FX market are done electronically with the primary traders being central banks, currency speculators, corporations, governments, large banks and other financial institutions. It’ s fascinating to discover that the U.S remains the world- leading currency, but it is not the strongest currency in comparison to other countries due to the variety of factors that affect the exchange rate. (Hirata, Aihara)
Reference:
Berndt, C. and Boeckler, M. (2011). Geographies of Market: Material, Morals and Monsters in Motion.
Yoshito Hirata and Kazuyuki Aihara (2012). Timing Maters in Foreign Exchange Markets.
Satterlee, B. (2009). Cross Border Commerce
Business Week: http://bx.businessweek.com/the-foreign-exchange-market/news/
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India