The market in which one currency is simultaneously bought or sold at the same time, against a counter currency.

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Financial centres around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The primary purpose of the foreign exchange is to assist international trade and investment, by allowing businesses to convert one currency to another currency.

It also supports speculation, and facilitates the carry trade, in which investors borrow lower-yielding currencies and lend invest in higher-yielding currencies.

In a typical foreign exchange transaction, a party purchases a quantity of one currency by paying a quantity of another currency. The modern foreign exchange market began forming during the s when countries gradually switched to floating exchange rates from the previous exchange rate trade option dodd frank, which remained forex finance definition as per the Bretton Woods Agreement.

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