Foreign exchange (foreign exchange transaction) market-the interbank market was established in 197 1, when international trade changed from a fixed exchange rate to a floating exchange rate. From then on, the exchange rate of one currency relative to another currency is usually expressed in a clear way-an exchange relationship agreed by both parties.

The trading volume of this market exceeds that of all other markets. For example, the daily trading volume of the global securities market is about $300 billion, while the daily trading volume of foreign exchange is $65,438 +0-3 trillion. However, foreign exchange is not a "market" in the traditional sense, unlike stocks and futures, which have specific trading places. Foreign exchange transactions are conducted simultaneously among hundreds of banks around the world by telephone and computer terminals.