• Type of transactions. For example, there is an international conversion market (conversion transactions such as US Dollar / Japanese Yen or US Dollar / Canadian Dollar etc.).
Geographic feature. Unlike other financial markets the Forex market has no physical location, like stock exchange, for example. It operates through the electronic network of banks, computer terminals or just by phone. The lack of physical exchange enables the Forex market to operate on a 24-hour basis, spanning from one zone to another across the major financial centers (Sydney, Tokyo, Hong Kong, Frankfurt, London, New York etc). In every financial center there are a lot of dealers, who buy and sell currencies 24 hours a day during the whole business week. Trading session starts in Far East, in New Zealand (Wellington), then Sydney, Tokyo, Hong Kong, Singapore, Moscow, Frankfurt-on-Maine, London and ends in New York and Los Angeles. Below there are approximate trading hours for regional markets (Moscow time
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