The foreign exchange market is one of the largest and most liquid markets in the world. Currency trading volumes have increased to $3.2 trillion a day over the past three years. In addition, trading between dealers and other financial institutions grew, reaching 40% of the total while interdealer flows now account for 43%. Currencies are traded from Monday morning (Sunday afternoon Chicago/New York time) in New Zealand/Asia to the close of the business week on Friday afternoon in Chicago/New York.

FX market participants include governments, corporations and fund managers doing business with foreign countries, not to mention speculators looking for arbitrage opportunities.

Over the last two decades, growing international investment along with the emergence of hedge funds has increased FX demand. This has both facilitated growth in the FX market and transformed how the FX market operates. Since the early 1990's the market has evolved from a closed inter-bank brokered segment with few players and high trading costs, to a highly electronic industry with greater transparency, easier access and many participants. And in just the last few years, major changes have occurred that have promoted FX market participation to even greater levels.

Today, FXMarketSpace, with its central clearing capability, is the latest catalyst for FX market growth. The FXMarketSpace platform opens up FX trading to a new generation of market participants, algorithmic traders. And by increasing accessibility, it is creating the critical mass needed to propel FX trading growth into the 21st century.