Pipruit: Greetings Commander! I’m a little confused about all this stuff. I mean we are already discussed so many details, and I understood a lot more now. But can you give me some overall picture? I want to be able to see all the parts of the FOREX market. I just can’t put these important details into whole puzzle yet. Commander in Pips: Ok, what particularly do you want to know? Pipruit: First of all, I want to know how FOREX functions in general. Commander in Pips: Ok, I’ll give you just basic information, because we should not get too far ahead of ourselves – you will get detailed lessons about the structure of the FOREX market a bit later, but sometimes it’s useful to get a quick glimpse forward. Pipruit: All right! Besides, I should have at least some understanding of how the FOREX market functions before I try to trade in it. Commander in Pips: Agreed. First of all, as opposed to exchange markets, where all transactions are made following exchange rules and procedures (the stock market at NYSE is a good example), and all transactions are served through a central processing clearing center of exchange – the FOREX market doesn’t have either a processing or transaction center or even a definite location. This is also a market without major central regulation and processing authority. This type of market is called an “over-the-counter market” (another example of this kind of markets is the bond market). In fact, this is just a huge community of different participants – individuals, FOREX brokers, hedge funds, banks and others. The structure of the FOREX market is very similar to the Internet, where all participants are linked with each other. Can you show me an Internet major center and major server? Where is it and who rules the Internet?