On a daily basis, more than $1.5 trillion dollars (USD) is exchanged by thousands of banks and foreign currency traders all over the world. This makes the FX market the largest market in the world. This dynamic environment where values of currency units fluctuate is the most fundamental part of foreign trade. It allows economic systems to function in harmony with one another, and leads to mutual gains. Foreign exchange transactions consist of spot transactions, swaps, forwards contracts, open window forward contracts, option dated forward contracts, currency options, futures and overnight bidding. Payment for foreign exchange transactions can be made in cash, bank notes, check, certified check, money order, bank draft, electronic funds transfer, account clearing house, pre authorized debit, and wire transfer. The United States Dollar, Great Britain Pound, the European Union Currency Unit, Swiss Franc, and Japanese Yen are considered the “major currencies.
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