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Chapter 5. Forex Trading Vehicles > The Interbank Market

The Interbank Market

The Forex market functions like an international over-the-counter market. This market can be broken into two tiers—the interbank market (wholesale) and the retail market.

The Forex OTC market has no physical centralized location. The New York Stock Exchange (NYSE) has its imposing structure of pillars and marble on Wall Street. The NYSE has a trading floor of blinking lights and shouting traders. Even other exchanges or ECNs that don't have physical trading floors, such as the National Association of Securities Dealers Automatic Quotation System (NASDAQ), have a centralized network where all trade information is collected and disseminated.


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