Non-bank foreign exchange companies take a small part of overall FOREX market. In fact, they offer currency exchange and payments to individuals or small companies. They are almost akin to FX brokers but do not offer speculative trading – only money transfer/payments in conjunction with currency exchange procedure. In fact they are involved in real delivery transactions, although with small volumes. Money transfer/remittance companies are almost the same to Non-bank foreign exchange companies, but they offer primarily money transfer, and may charge more for currency exchange, if they offer it at all. One of the best known money transfer companies is Western Union. The annual value of remittances is about $370-400 billion. ECN (Electronic Communications Network) – we’ve talked about this type of participant already, so I’ll just give the short reminder here. This is a type of electronic system that facilitates trading of financial products. In fact, ECN is some kind of electronic server that matches contra-side orders of participants/subscribers (i.e. a sell-order is "contra-side" to a buy-order with the same price and share count) for execution. The ECN will post unmatched orders on the system for other subscribers to view. Generally, the buyer and seller are anonymous, with the trade execution reports listing the ECN as the party. In fact, this is small private exchange that has a bit different and separate regulation rules by law. To trade with an ECN, one must be a subscriber or have an account with a broker that provides direct access to trading with particular ECN. The most well-known ECN is NASDAQ. An example of a FOREX ECN platform is Currenex. P.S. This lesson was written by Sive Morten, who has been working for a large European Bank since April of 2000, and is currently a supervisor of the bank's risk assessment department. Sive's knowledge of forex market and banking industry is vast and quite complete. If you have any specific questions about forex, banking industry, or any other financial instruments, please post them on the next page and Sive should answer soon. Note: FPA ranks are earned in the battles against scam, not in the classroom.