Trading is conducted through an "over-the-counter" network of traders from major commercial and investment banks linked by computer terminals.Participants include importers and exporters, as well as traders, portfolio managers and foreign exchange brokers.
Major trading centers include London, New York and Tokyo, with total trading volume in excess of $2 trillion dollars of foreign currency per day.
More than half of all trading directly involves the exchange of U.S. dollars and other currencies are traded against U.S. dollars since currency dealers quote other currencies against the dollar when trading among themselves.
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