According to the Federal Reserve Bank of New York
The foreign exchange market is a network of financial institutions and brokers in which individuals, businesses, banks and governments buy and sell the currencies of different countries. They do so in order to finance international trade, invest or do business abroad, or speculate on currency price changes. On average, the equivalent of about $1.9 trillion in different currencies is traded daily in the FX market around the world.
There are two primary types of transactions in the FX market. An agreement to buy or sell currency at the current exchange rate is known as a spot transaction. In a forward transaction, traders agree to buy and sell currencies for settlement at least three days later, at "predetermined" exchange rates. This second type of transaction often is used by businesses to reduce their exchange rate risk.
QSI Currency Services
To support the above transactions, QSI's currency services division provides Customer Due Diligence and Compliance Verification services to help parties minimize their risks. Our services are aimed at bringing together Principals that have been pre-screened and ready to enter FOREX contracts. By using an experienced Third-Party Assessment and Certification Body, FOREX principals can have the added confidence in their counterparty's ability to perform.
For more information, please contact us at currencies@qsiamerica.com QSI Currency Services Due Diligence Policy
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