📝 One-liners · 66 cards
FOREIGN EXCHANGE MARKETS
What is the Foreign Exchange Market?
The foreign exchange market (Forex/FX) is a global decentralized market where currencies are bought and sold. It is the largest financial market in the world by trading volume.
What is the largest financial market in the world by daily trading volume?
The foreign exchange market with over $7 trillion daily.
What does 'exchange rate' mean in the context of foreign exchange markets?
An exchange rate is the price at which one currency can be exchanged for another. It determines how much of one currency is needed to purchase a unit of another currency.
What is a 'loro' account in the context of forex banking?
A third-party account held by one bank on behalf of another bank.
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