(FOReign EXchange market) is an international
foreign exchange market, where money is sold and bought freely. In its
present condition FOREX was launched in the 1970s, when free exchange
rates were introduced, and only the participants of the market
determine the price of one currency against the other proceeding from
supply and demand. As far as the freedom from any external control and
free competition are concerned, FOREX is a perfect market. It is also
the biggest liquid financial market. According to various assessments,
money masses in the market constitute from 1 to 1.5 trillion US dollars
a day. (It is impossible to determine an absolutely exact number
because trading is not centralized on an exchange.) Transactions are
conducted all over the world via telecommunications 24 hours a day from
00:00 GMT on Monday to 10:00 pm GMT on Friday. Practically in every
time zone (that is, in Frankfurt-on-Main, London, New York, Tokyo, Hong
Kong, etc.) there are dealers who will quote currencies
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