BANKING AFFAIRS

Detailed explanation-1: -As the largest currency trading market, London has a daily average of around 7 trillion dollars per day by average. The increment rate in this rate was 11 percent and 10 percent, respectively, for the Hongkong and the New York markets. However, the same rate slumped by 5 percent for the Singapore market.

Detailed explanation-2: -The biggest geographic trading center is the United Kingdom, primarily London. In April 2022, trading in the United Kingdom accounted for 38.1% of the total, making it by far the most important center for foreign exchange trading in the world.

Detailed explanation-3: -Which among the following is world’s largest foreign exchange market ? Notes: London followed by New York, Tokyo, Zurich and Frankfurt.

Detailed explanation-4: -The foreign exchange market or forex market is the market where currencies are traded. The forex market is the world’s largest financial market where trillions are traded daily. It is the most liquid among all the markets in the financial world.

Detailed explanation-5: -There are three main forex markets: the spot forex market, the forward forex market, and the futures forex market.