Pipruit: I guess not, it sounds like nonsense. But what is the basis for FOREX functioning?Commander in Pips: Well, sometimes the FOREX market is referred to as the “Interbank” market because the major participants in the FOREX market, as we’ve already talked about, are banks. The whole market works electronically in 24/5 mode due to how the banks network. It is spread all around the globe. The feature of an over-the-counter market is that, at least theoretically, every participant can choose with whom he wants to trade depending on reputation, trading conditions and pricing. Pipruit: In general I think I understand that. Your example of the Internet helps me a lot. Pipruit: I’ve got a second question that I’m interested in. Where do those $3.98 Trillion that you’ve talked about go? I still can’t imagine the whole power of the FOREX market and how all the money moves. Commander in Pips: I guess, it will be better if I’ll show it to you. Let’s take a look at currency structure of the market and transaction structure. As we’ve talked about before, the daily turnover on FOREX is about 3.98 Trillion USD - $1.49 Trillion stands for spot transactions, $1.765 Trillion in FX swaps, $475 Billion in outright forwards, $207 Billion in options and other products and $43 Billion in currency swaps. We are participants in the spot part of the market. Also I will show you what currencies have the most trading volume: If we will take a look at the pairs, then, accordingly to BIS, the most heavily traded products on the spot market were EUR/USD with 27%, USD/JPY – 13% and GBP/USD – 12%.