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Industry Overview
The foreign exchange or forex market is the largest financial market in the world – larger even than the stock market, with a daily volume of $6.6 trillion, according to the 2019 Triennial Central Bank Survey of FX and OTC derivatives markets. Primary participants in this market include companies and individuals, capital market participants, hedgers and speculators.
Forex markets provide investors with no restriction on the amount of money that can be used for investing and no particular regulations with regards to the global markets. This market also operates 24-7, very similarly to the cryptocurrency markets. Investors have no other markets which behave that way. Even cryptocurrency markets on a standalone basis experience size restrictions, jurisdictional barriers and price slippage.
There is a reason why forex is the largest market in the world: It empowers everyone from central banks to retail investors to potentially see profits from currency fluctuations related to the global economy. However, as large as this market is, it remains fragmented and heavily dominated by dealers.
The forex markets are driven by three major prongs (i) the spot market, (ii) the futures market and (iii) the interest rate market. According to Keynesian economics, interest rates are closely tied to exchange rates as forex flows may close or widen potential market arbitrage opportunities.
Taebit will provide a multifaceted platform to address the above elements through a decentralized system which implements reinforcement mechanisms for market robustness and liquidity.
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