Why doesn't foreign exchange trade on an exchange like stocks? Why does it operate 24 hours? And why is the US dollar at the centre of everything? In this episode, David Axtell explains the fundamental architecture of the world's largest financial market—$7.5 trillion in daily turnover—and what that structure means for anyone operating in FX. From OTC markets to liquidity patterns to the dominance of FX swaps, this is the market structure knowledge that separates professionals from tourists.

In this episode, we cover:

• Why FX is over-the-counter (OTC) instead of exchange-traded
• The three reasons scale, complexity, and customisation demand bilateral markets
• How the 24-hour market follows the sun through Asia, Europe, and New York
• Why the London-New York overlap is the "golden window" for execution
• The four main segments: Spot, Forwards, Swaps, and Options
• Why FX swaps are the largest segment at $3.8 trillion daily
• The US dollar's role as the vehicle currency in 88% of all transactions
• Five practical implications for treasury professionals and traders

Key Statistics:

• $7.5 trillion daily turnover (BIS)
• Spot: $2.1T | Forwards: $1.3T | Swaps: $3.8T | Options: $0.3T
• London handles 38% of global FX volume
• 90%+ of spot trading in major pairs is now electronic

About the Host:David Axtell has 35 years of experience in treasury and FX markets across four continents, including roles as Chief Dealer in Riyadh, Assistant General Manager at Qatar National Bank, and senior positions at HSBC Dubai, SHUAA Capital, and Crown Agents Bank.

The Book:FX Cash Products: Spot, Forwards, Swaps & Non-Deliverable ForwardsCo-authored by Luigi Rondanini and David AxtellSoon a vailable through Rondanini Publishing