Unlike stocks, FX is an market run by a global network of banks, brokers, and electronic trading platforms. The interbank market remains the core liquidity source.
The year 2021 was marked by the recovery from the COVID-19 pandemic, leading to unique market behaviors: Unlike stocks, FX is an market run by
Essential 2021 resources complementing Tim Weithers' foundational text include the GFXC's updated FX Global Code, a Bayes Business School paper on high-frequency trading volume, and the U.S. Treasury's December 2021 report on exchange rate policies. These documents provide critical, up-to-date insights into market mechanics, ethics, and regulatory trends. Access the Treasury report at home.treasury.gov U.S. Department of the Treasury (.gov) Treasury's December 2021 report on exchange rate policies
Currencies are always traded in pairs. The first currency is the "base" and the second is the "quote." For example, in EUR/USD, you are measuring how many U.S. Dollars are needed to buy one Euro. Department of the Treasury (
⚠️ The PDF isn't free everywhere, but many university libraries and finance forums have the 2021 version available for reference.