The foreign exchange market is a trading market in which banks and other financial institutions, proprietary dealers, and large multinational corporations participate and are connected through intermediaries or telecommunications systems, with various currencies as the trading objects. It can be tangible-such as foreign exchange exchanges, or intangible-such as inter-bank foreign exchange transactions through telecommunication systems. According to the latest statistics of the Bank for International Settlements, the average daily transaction volume in the international foreign exchange market is approximately US$1.5 trillion.

At present, there are about 30 major foreign exchange markets in the world, located in different countries and regions on all continents of the world. The traditional geographical division can be divided into three parts: Asia, Europe, and North America. The most important ones are London, Frankfurt, Zurich, and Paris in Europe, New York and Los Angeles in America, Sydney in Australia, Tokyo in Asia, Singapore, Hong Kong, etc.

Each market has its own fixed and unique characteristics, but all markets have commonalities. Each market is separated by distance and time, and they are sensitive to each other and independent of each other. After one center is open every day, it passes orders to other centers, sometimes setting the tone for opening the next market. These foreign exchange markets are centered on the city where they are located and radiate other surrounding countries and regions. Due to the different time zones, the foreign exchange markets are opened one after the other during business hours and are listed for the business. They are connected through advanced communication equipment and computer networks. Market participants can trade all over the world. , Foreign exchange funds flow smoothly, and the exchange rate difference between markets is minimal, forming a unified international foreign exchange market that operates globally and operates around the clock. The simple situation can be seen in the following table:

Region City Opening time (GMT) Close time (GMT)
Asia Sydney 11:00 19:00
Tokyo 12:00 20:00
Hong Kong 13:00 21:00
Europe Frankfurt 08:00 16:00
Paris 08:00 16:00
London 09:00 17:00
North America New York 12:00 20:00