Although the foreign exchange market is a decentralized market, it is not simple or disorderly. Foreign exchange market participants can be organized in different levels. At the top of the foreign exchange market is the inter-bank market. This market is made up of the world ’s largest banks and some other smaller banks. Participants in this market trade directly with each other, or conduct electronic transactions through EBS or Reuters Dealing 3000-Spot Matching. Analysis of the hierarchical structure of the foreign exchange market-Yuhui International. 
The relationship between EBS and Reuters Trading 3000’s two competitors (Yuhui International Net Note: At present, Reuters’ main transaction settlement platforms are Matching, FXALL and swap transaction execution facility Thomson Reuters SEF), like Coca-Cola and Pepsi. They are fighting for each other’s market share in an uninterrupted “war.” Although both major competitors provide quotes for most major currency pairs, one pair may provide higher liquidity than the other.
EBS and Reuters are specifically aimed at top banks and proprietary ECN systems. They basically occupy nearly 70% of the market share of spot transactions in the international foreign exchange market.
For EBS, EUR / USD, USD / JPY, EUR / JPY, EUR / CHF and USD / CHF are more liquid. At the same time, for Reuters platforms, GBP / USD, EUR / GBP, USD / CAD, AUD / USD and NZD / USD are more liquid.
All banks participating in the inter-bank foreign exchange market can see the interest rates they provide, but this does not mean that any party can trade at those prices. As in real life, the interest rate in the inter-bank market mainly depends on the established credit relationship between trading partners. The higher your credit rating, the better your reputation in the inter-bank market, then you will be able to obtain better interest rates and larger loans.
The next level of the foreign exchange market is hedge funds, companies, retail market makers, and retail ECN trading networks. Because these institutions do not have a close credit relationship with the interbank market, they have to deal with commercial banks. This means that their interest rates are slightly higher than those of interbank market participants.
With the development of Internet technology, ECNs serving small banks, large investment institutions, and hedge funds have begun to appear, including Currenex, Fxall, FXConnect, Hotspot, etc. They each have a business focus. For example, FXConnect is mainly for fund managers, while Currenex is fully dedicated to institutional clients.