1, there is no market.

There are basically two financial systems in Europe and other western countries, namely, centralized operation of centralized transactions and merchant networks without unified fixed places. Stocks are bought and sold through exchanges.

For example, new york Stock Exchange, London Stock Exchange and Tokyo Stock Exchange are the main trading places for stocks in the United States, Britain and Japan. Financial products traded in a centralized way have unified provisions on their quotation, trading time and settlement procedures, and trade associations have been established and trading norms have been formulated.

Investors buy and sell the goods they need through brokerage companies, which is "there is a market." However, foreign exchange transactions are conducted through a dealer network without a unified operating market, unlike the centralized and unified place for stock trading. However, the foreign exchange trading network is global and has formed an unorganized institution. The market is connected with advanced information systems in a way that everyone agrees with. Traders do not have the membership of any organization, but they must gain the trust and recognition of the same industry.

This foreign exchange trading market without a unified venue is called "there is a market without a market". The global foreign exchange market trades trillions of dollars on average every day. Such a huge sum of money was cleared and transferred in this place which was neither centralized nor controlled by the central clearing system, and without the supervision of the government.

2. Cycle operation

Due to the different geographical locations of financial centers around the world, the Asian market, the European market and the American market have become a global foreign exchange market that operates 24 hours a day because of the time difference. At 8: 30 in the morning (subject to new york time), the new york market opens at 9: 30 in Chicago, at 0: 30 in San Francisco/KLOC-0, at 8: 30 in Sydney/KLOC-0, at 9: 30 in Tokyo/KLOC-0, at 20: 30 in Hong Kong and Singapore, at 2: 30 in Frankfurt and at 3: 00 in London.

In this way, the foreign exchange market will become a day and night market, and it will only be closed on Saturday and Sunday and major festivals in various countries. This continuous operation provides an ideal investment place for investors, and investors can find the best trading opportunity without the obstacles of time and space.

For example, if an investor buys yen in the new york market in the morning and the yen rises after the opening of the Hong Kong market in the evening, and the investor sells it in the Hong Kong market, then he can participate in trading in any market and at any time, no matter where the investor himself is. Therefore, the foreign exchange market can be said to be a market without time and space obstacles.

3, zero-sum game

In the stock market, if a stock or the whole stock market rises or falls, then the value of this stock or the whole stock market will also rise or fall. For example, Japan's Nippon Steel's share price has changed from

800 yen fell to 400 yen, so the value of all shares of Nippon Steel was reduced by half.