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Created with Fabric.js 1.4.5 THE FOREX MARKET The global marketplace has changeddramatically over the past several yearsNew investment strategies are becomingmore important in order to minimize risk,as well as to maintain high portfolio returns.Among the most rewarding of the marketsopening up to traders is the Foreign Exchangemarket.Identifiable trading patterns, as well as comparatively low margin requirements, haverewarding trading opportunities for many. (An Overview) Trading in foreign-exchange markets averaged$5.3 trillion a day in April 2013, reports the BISin its latest Triennial Central Bank Survey.This was up from $4 trillion in 2010 and $3.3 trillionin 2007. The US dollar was the dominantcurrency: 87% of deals contained the dollar on oneside.The euro, the second-most-traded currency, wasinvolved in 33% of deals, down from 39% in April 2010. The third-most-traded currency, featuring in 23% of all trades, was the Japanese yen; its market share hasrisen by four percentage points since the previous survey.Several emerging-market currencies rose sharply in glo-bal importance. The Mexican peso and Chinese renminbimade it into the top ten for the first time. Global Foreign Exchange Turnover 2 %80 %468 %95 %36 %82 Stock Traded Total Value ( % of GDP) Global Foreign Exchange Market Turnover By Currency Pair Spot Forex versus Currency Futures Many traders have made the switch from currency futures to spot foreign exchange ("forex") trading. Spot foreign exchange offers better liquidity and generally a lower cost of trading than currency futures. Banks and brokers in spot foreign exchange can quote markets 24 hours a day. Furthermore,the spot foreign exchange market is not burdened by exchange and NFA ("National Futures Association") fees, which are generally passed on to the customer in the form of higher commissions. For these reasons, virtually all professional traders and institutions conduct most of their foreign exchange dealingin the spot forex market, not in currency futures.
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