Because of the sovereignty issue when involving two currencies, Forex has little (if any) supervisory entity regulating its actions. Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the ' interbank market' (although a few insurance companies and other kinds of financial firms are involved). Behind the scenes, banks turn to a smaller number of financial firms known as 'dealers', who are involved in large quantities of foreign exchange trading. The foreign exchange market works through financial institutions and operates on several levels. Ex: USD 1 is worth X CAD, or CHF, or JPY, etc. Since currencies are always traded in pairs, the foreign exchange market does not set a currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. The main participants in this market are the larger international banks. In terms of trading volume, it is by far the largest market in the world, followed by the credit market. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. This market determines foreign exchange rates for every currency. The foreign exchange market ( Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies.

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