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The Investment Assets Handbook: A definitive practical guide to asset classes by Yoram Lustig

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Chapter 9: Currency

Currency or foreign exchange (forex or FX) is an integral part of international investing. It is the world’s largest, most actively traded and most liquid financial market. Participants include large banks, central banks, institutional investors, asset managers (e.g. hedge funds) and retail investors.

Each day nearly $4 trillion of foreign exchange changes hands on average. Of the $4 trillion about $1.5 trillion is in spot transactions (agreement to exchange currencies for an agreed price for settlement on the spot date, which is normally T+2 days) and about $2.5 trillion is traded via derivatives. [153] The global currency market is active 24 hours a day. Trading in the United Kingdom accounts for over 35% of the total ...

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