There is no center, and an integrated market and the majority of FX trades have been removed and very little cross-border regulation. Therefore, the (OTC) foreign exchange markets in nature, but the markets in which the various currencies and the equipment to combat a number of businesses.
This means that the exchange rate, but in a commercial bank or market maker on the basis of the different rates (prices), the number, and the implicit, if this is not the case. Prices are often very close in practice, by the way, that can be done immediately exploited by arbitrageurs.
London's major trading centers, but in New York, Tokyo, Hong Kong and Singapore also have all the important centers. The banks around the world participate. Currency trading is continuous throughout the day in Asian trading session of the European session after session at the meeting in America and then back to Asia, except on weekends starting ends. Fluctuations in exchange rates are usually caused by actual monetary flows as well as by expectations of changes in monetary flows caused by changes in gross domestic product (GDP) growth, inflation (purchasing power parity theory), interest rates (interest rate parity, Domestic Fisher effect, International Fisher effect), budget and trade deficits or surpluses, large cross-border M&A deals and other macroeconomic conditions.
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