One unique aspect of this international market is that
there is no central marketplace for foreign exchange. Rather, currency trading
is conducted electronically over-the-counter (OTC), which means that all
transactions occur via computer networks between traders around the world,
rather than on one centralized exchange. The market is open 24 hours a day,
five and a half days a week, and currencies are traded worldwide in the major
financial centers of London, New York, Tokyo, Zurich, Frankfurt, Hong Kong,
Singapore, Paris and Sydney - across almost every time zone. This means that
when the trading day in the U.S. ends, the forex market begins anew in Tokyo
and Hong Kong. As such, the forex market can be extremely
active any time of the day, with price quotes changing constantly.
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