Let's talk about the foreign exchange market or the FX market. The FX market is by far the largest and most liquid market in the world. Every day, close to 5 trillion US dollars equivalent are trading. Of these volumes the US dollar makes up the majority. Foreign exchange is traded mainly by investors and speculators. That means that most of the flow in the FX market is driven by speculation. But of course, banks, businesses and governments are also trading foreign exchange for fundamental reasons. That means they have fundamental reason to sell one currency and buy another one. We would call this just exchanging money. The FX market trades 24 hours a day, five days a week. It's a truly global market, and it doesn't take place on an exchange or any specific central location. All of the trades are over the counter or OTC, between market participants.