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FOREIGN EXCHANGE-THE FASTEST-GROWING MARKET OF OUR TIME

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FOREIGN EXCHANGE- THE FASTEST-GROWING MARKET OF OUR TIME The Foreign exchange market is the generic term for the worldwide institutions that exist to exchange or trade currencies. Foreign exchange is often reffered to as "forex" or "FX". The foreign exchange market is an over-the-counter (OTC) market, which means that there is no central exchange and clearinghouse where orders are matched. FX dealers and market makers around the world are linked to each other around the clock via telephone, computer, and fax, creating one cohesive market. Over the past few years, currencies have become one of the most popular products to trade. No other market can claim a 71 percent surge in volume over a three-year time frame. According to the Triennial Central Bank Survey of the foreign exchange market conducted by the Bank for International Settlements and published in October 2007, daily trading volume hit a record of $3.2 trillion, up from $1.9 trillion in 2