The foreign exchange markets are among the largest markets in the world, with annual trading volume in excess of $160 trillion. The purpose of the foreign exchange markets is to bring buyers and sellers of currencies together. It is an over-the-counter market, with no central trading location and no set hours of trading. Prices and other terms of trade are determined by negotiation over the telephone or by wire, satellite, or telex. The foreign exchange market is informal in its operations: there are no special requirements for market participants, and trading conforms to an unwritten code of rules.
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Trading in the foreign exchange market conforms to a written code of rules.
The foreign exchange market is illegal in its operations.
The foreign exchange market is informal in its operations.
Trading in the foreign exchange market conforms to an unwritten code of rules.