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What is Forex Trading? The foreign exchange market (forex, FX, or currency market) is a global decentralized market for the trading of currencies. The main participants in this market are the larger international banks. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. EBS and Reuters’ dealing 3000 are two main interbank FX trading platforms. The foreign exchange market determines the relative values of different currencies.[1]

Source… Foreign exchange market

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The most actively traded currencies are: EUR/USD, GBP/USD, AUD/USD, USD/CHF, USD/JPY and USD/CAD.

Less actively traded are the cross rates which is the currency exchange rate between two currencies, both of which are not the official currencies of the country in which the exchange rate quote is given in. This includes EUR/USD, EUR/JPY, GBP/JPY, AUD/JPY.

Top 10 Rank Name Market share as of May 2013

1 Germany Deutsche Bank 15.18%
2 United States Citi 14.90%
3 United Kingdom Barclays Investment Bank 10.24%
4 Switzerland UBS AG 10.11%
5 United Kingdom HSBC 6.93%
6 United States JPMorgan 6.07%
7 United Kingdom Royal Bank of Scotland 5.62%
8 Switzerland Credit Suisse 3.70%
9 United States Morgan Stanley 3.15%
10 United States Bank of America Merrill Lynch 3.08%

Source: Euromoney FX survey 2013

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