Gold standard and the functions of the world�s major foreign exchange markets The foreign exchange market is the largest market in terms of the value of cash traded, with an average daily value that is greater than $1.9 trillion. The forex market (FOReign EXchange market) is not limited to any one country or time of operation. The website Forex Market, http://www.forex-market.net/ explains forex market as an inter-bank market that took shape in 1971 when global trade shifted from fixed exchange rates to floating ones. This is a set of transactions among forex market agents involving exchange of specified sums of money in a currency unit of any given nation for currency of another nation at an agreed rate as of any specified date. During exchange, the exchange rate of one currency to another currency is determined simply: by supply and demand � exchange to which both parties agree. The forex market is open 24/7, in all the major financial centers of the world. Trade in foreign currencies is how values are established for the commodities and manufactured goods that are traded ......

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