Size of the Forex Market
The Forex market is one of the largest and considered as the most liquid financial markets in the world. It mainly involves central banks, corporations, governments, currency and other financial institutions as traders. The average volume on the daily basis in the global financial market is growing continuously. Daily turnover was noticed above US$3.2 trillion in April 2007. Since then, the market has been continued to grow. According to Euro money’s annual FX, increase of 41% in volume has been noticed since 2007 & 2008.The global turnover of $3.98 trillion daily, only London market accounted for around $1.36 trillion, or 34.1% of the total, making London till now the global center for foreign exchange. In second and third places respectively, business in New York accounted for 16.6%, and Tokyo accounted for 6.0%. In addition to “traditional” turnover, $2.1 trillion was traded in derivatives.
