This is the market in which different national currencies are bought and sold, with the aim of facilitating international trade. When a company buys products from a company in another country with a currency different from its own, it goes to the foreign exchange market to acquire the foreign currency. However, it will not buy currencies, but rather, in the foreign exchange market it obtains the ownership of a bank deposit in the foreign currency, without the need for actual movement of the currencies.
The foreign exchange market is a very liquid market in which there is a huge volume of transactions. It is possible to trade in the foreign exchange market 24 hours a day, except on weekends.
It is a free and unorganized market with a large number of operating centers all over the world: Tokyo, Singapore, Sydney, Hong Kong, Bahrain, London, Frankfurt, Zurich, New York, Chicago, Toronto, etc
In the foreign exchange market there is no clearing and settlement body, transactions are closed with a particular contract between the parties.
The foreign exchange market is also known as FOREX (Foreign Exchange).
You can see the quotation of the main currencies in Quotation currencies.