Foreign exchange refers to the exchange of one currency for another at a predetermined rate, or foreign exchange rate. The foreign securities market, with a nominal worth of trillions of dollars, is made up primarily of foreign exchange markets. These are used in currency pairings that are valued one against the other.
Sizing and Forecast
The foreign exchange market size has grown strongly in recent years. It will grow from $752.66 billion in 2023 to $795.91 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to globalization and international trade, interest rate differentials, government policies and monetary interventions, speculation and investment flows, balance of payments and economic indicators.
The foreign exchange market size is expected to see strong growth in the next few years. It will grow to $1023.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to political and geopolitical developments, commodity prices and resource exports, pandemic recovery and risk appetite, inflationary pressures, emerging market dynamics. Major trends in the forecast period include rise of retail forex trading, enhanced risk management strategies, global economic recovery impact, focus on ESG (environmental, social, governance), technological infrastructure investments.
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Segmentation & Regional Insights
The foreign exchange market covered in this report is segmented –
1) By Counterparty: Reporting Dealers, Other Financial Institutions, Non-Financial Customers
2) By Trade Finance Instruments: Currency Swaps, FX Options
3) By End User: Individuals, Retailers, Corporate Institutes, Government, Other End Users
North America was the largest region in the foreign exchange market in 2023. The regions covered in the foreign exchange market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The surge in international transactions is significantly contributing to the growth of the foreign exchange market going forward. International transactions refer to transactions involving two or more related businesses in which at least one party is a non-resident. Increased global trade and international transactions increase the size and activity of the foreign exchange market. For instance, according to a 2022 report published by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization that promotes the interests of developing countries in world trade, the value of global trade and international transactions reached $28.5 trillion in 2021. Therefore, a surge in international transactions will drive the foreign exchange market.
Key Industry Players
Major companies operating in the foreign exchange market report are JPMorgan Chase and Co., Citibank N. A., HSBC Holdings plc, BNP Paribas Société Anonyme, The Goldman Sachs Group Inc., UBS Group AG, Deutsche Bank AG, The Bank of Nova Scotia, Barclays plc, State Bank Of India, Standard Chartered plc, State Street Corporation, Royal Bank of Scotland plc, Commonwealth Bank of Australia, Interactive Brokers Group LLC, eToro Group Limited, Saxo Bank A/S, Swissquote Group Holding SA, CMC Markets plc, GAIN Capital Holdings Inc., IG Group Holdings plc, AvaTrade Ltd., City Index Limited, OANDA Corporation, Alpari UK Limited, Admiral Markets Ltd., Pepperstone Group Limited, Dukascopy Bank SA, Octa Markets Incorporated, FxPro UK Limited
The foreign exchange market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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