Contents

• 1 Market size and liquidity
• 2 Market participants
  • 2.1 Banks
  • 2.2 Commercial companies
  • 2.3 Central banks
  • 2.4 Hedge funds as speculators
  • 2.5 Investment management firms
  • 2.6 Retail foreign exchange brokers
  • 2.7 Non-bank Foreign Exchange Companies
  • 2.8 Money Transfer/Remittance Companies
• 3 Trading characteristics
• 4 Determinants of FX Rates
  • 4.1 Economic factors
  • 4.2 Political conditions
  • 4.3 Market psychology
• 5 Algorithmic trading in foreign exchange
• 6 Financial instruments
  • 6.1 Spot
  • 6.2 Forward
  • 6.3 Future
  • 6.4 Swap
  • 6.5 Option
  • 6.6 Exchange Traded Fund
• 7 Speculation
• 8 References
• 9 See also
• 10 External links