Interbank forex

A man exchanges Israeli shekels for U. September 25, interbank forex in Tel Aviv, Israel.

The foreign exchange market is a global online network where traders buy and sell currencies. It has no physical location and operates 24 hours a day, seven days a week. It sets the exchange rates for currencies with floating rates. This global market has two tiers. The first is the Interbank Market. It’s where the biggest banks exchange currencies with each other.