The Foreign Exchange market, also referred to as the “Currency,” "Forex" or "FX" market, is the largest financial market in the world, with a daily average turnover of approximately US$3.5 trillion. The foreign exchange market exists wherever one currency is traded for another. It includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. Individual retail traders are a small fraction of this market and participate indirectly through brokers.