Pipruit: Wow, looks big, but not very complicated. Let me repeat, what I understand. So, structure looks like this: First of all, the market is spread all over the globe with no control or central processing center so it has no central location. It is traded globally by a huge number of participants – individuals, banks and organizations. And these participants have the possibility to choose with whom they want to trade, based on trading conditions, reputation and other considerations, but inside some hypothetical levels: - On the ground level are individuals, who deal with bank’s exchange centers and small FOREX brokers. Sometimes, individuals can deal with large banks directly if they are rich enough and want to invest really big money in the currency market; - FX Brokers, in turn, are linked to banks and should just transfer the bank’s quotes to individuals and individual’s transactions to some bank. This is the first level; - Small banks are linked with each other and with larger banks not just inside their own country but around the globe; also they can make transactions with National Central Banks – the second stage. - Large banks are the same – they are linked with each other around the globe and with National Central Banks; - The last stage is national central banks that are linked with each other. And all these communications have legal basis due national, international law and agreements. Commander in Pips: Bullseye!