FOREX (foreign exchange transaction) market-interbank market was established in 1971, when international trade changed from fixed exchange rate to floating exchange rate. From then on, the exchange rate of one currency relative to another currency is usually expressed in an explicit way-an exchange relationship agreed by both parties.

the trading volume in this market exceeds all others. For example, the daily trading volume of the global securities market is about 3 billion dollars, while the daily trading volume of foreign exchange is 1-3 trillion dollars. However, Forex is not a "market" in the traditional sense, and it does not have a specific trading venue like stocks and futures. Foreign exchange transactions are conducted simultaneously among hundreds of banks around the world through telephone and computer terminals.