Whose career is it to trade foreign currencies (forex)?
Question:
I know anyone can, but who mainly does it?
Thanks in advance.
Answer:
The FOREX market is the world's major financial market. More than $2 trillion changes hands every day! That is greater than all US equity and Treasury markets combined! The worldwide FOREX market is entirely different from other financial markets as it does not have any centralized location. Moreover, it is a global electronic network of banks, financial institutions and individual traders that are involved in the buying and selling of national currencies. Normally by tradition, access to the FOREX market has been restricted to banks and major financial institutions. With recent advances in technology, however, the FOREX market is now available to everybody, including individual traders with smaller accounts.
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Large banks, like JP Morgan and Citibank, hedge funds, investment management firms handling pensions funds and large investors account, in order to facilitate transactions in foreign securites, central banks, investment banks, and some large corporations. They trade for large customers needing foreign currency for a transaction, and some trade on their own accounts for speculation.
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