The forex market is an interbank market or inter-dealer that was established in 1971. It is also a market "Over-The-Counter", which means that transactions are conducted between the 2 parties agree to trade via telephone or electronic network. The Trading thus not centralized, as is the case for the large stock market (eg NYSE, ASE, CME) or as is the case of foreign exchange futures market and options on currencies, which are negotiated in particular markets. The "dealers" often warn their exchange rates using a distribution network, such as those provided by Reuters or Bridge. Then the "dealers" use the information obtained from these sources to confirm the rate and operation. The main centers of foreign exchange today are: London, with approximately 30% of

the market with 20% New York, Tokyo, with 12%, Zurich, Frankfurt, Hong Kong and Singapore, with about 7% each, followed by Paris and Sydney with 3% each. In terms of volume in trading, the Forex is the world's largest market with daily volumes exceeding 1 500 billion dollars!. This no point of comparison with markets bond or stock. As an example, the New York Stock Exchange (NYSE) has a daily volume of 60 billion U.S. dollars. Thus, the Forex is by far the most liquid market in the world until now. In fact, with the volume in trading, it is impossible for an individual or one company affect the exchange rate. In fact, even central banks and governments find it difficult to change the course of the exchange with more liquidity such as the American Dollar, Japanese Yen, Swiss Franc, Euro, Canadian Dollar or Australian Dollar. The Forex is a market that is truly open 24 hrs. a day, 5 days a week. There are dealers in each time zone. The "trading begins Monday morning in Sydney (which corresponds to 3 pm EST, Sunday) and moves around the world every day by the various centers until closing Friday afternoon at 4:30 pm EST in New York.