The Forex market is an over-the-counter(OTC) market without a centralised exchange. Competition among market makers prevents monopoly prices within the market. And they try to distort prices; traders have to find another one.

外匯市場是一種沒有集中交易的場外交易市場（OTC）。做市商之間的競爭阻止了市場內的壟斷價格。他們試圖扭曲價格，交易者必須從中找到想交易的價格。

Market makers do not change trading costs (like ask/bid spreads) because the market participants closely watch them. In contrast, many stock markets operate in entirely different ways. For example, the New York Stock Exchange is the only place where you can trade stocks of companies listed on the exchange.

做市商不會改變交易成本（如買/賣價差），因為市場參與者會密切關注此部分，與許多股票市場的運作方式相比之下完全不同。例如，只有紐約證券交易所可以交易所有有上市公司股票的地方。

The centralised market is operating by people called specialists. Prices presented by sellers and buyers arrange as a single top-priority asking price through transactions, and the counterparty becomes an exchange. Since the New York Stock Exchange is a centralised market, stocks traded on the exchange always have only one buy/sell price (single call price).

集中式市場是由專業經紀商經營。由買賣雙方提供的價格通過交易安排成一個最高的要價，而買賣中面對的另一方則成為交易所。像紐約證券交易所是一個集中市場，所以在此交易所交易的股票總只有一個買/賣價格（單一買入價）。

In decentralised markets, such as foreign exchange markets, several market makers offer prices that can provide different prices. Let’s look at how centralised and decentralised markets work!

在分散市場，如外匯市場，一些做市商可以提供不同的價格。讓我們看看集中式和分散式市場的運作方式！

集中式市場 A Centralized Market

An essential feature of the centralised market is that it tends to be proprietary (a single price at every point in time). Since only one specialist controls the market, they can easily distort the offered price from the specialist’s perspective, not from the traders’ standpoint.

集中式市場的一個基本特徵是它趨向於自有資金的金融機構（每個時間點的單一價格）。通常只有一個專業經紀商控制市場，因此他們可以經輕易的操控市場價格。

For example, suppose a market overflows with sellers, and there are no buyers on the other side. Then specialists will be forced to buy from sellers, and they will not be able to sell shares that are falling in price due to increased selling.

例如，假設市場上只有賣方，而沒有買方，專業經紀商將被迫從賣方那裡購買，而他們將無法賣出因為出售增加而價格下跌的股票。

In this situation, specialists will expand the spread widely, increasing transaction costs, which will delay new participants’ entry into the market. Specialists will change the price they offer to protect themselves.

在這種情形下，專業經紀商將擴大價差的間距，增加交易成本，這會延遲新的參與者進入市場。專業經紀商將會藉由更改他們提供的價格來保護自己。

去中心化市場 A Decentralized Market

The foreign exchange market is decentralised, so there are many market makers, not just one specialist. However, participants in the foreign exchange market are composed of several classes, among which those with excellent credit, high trading volume and expertise are given priority.

外匯市場是去中心化的市場，所以會有較多的做市商，而不是僅有單一的專業經紀商。然而，外匯市場的參與者有分成幾個類別，其中具有良好信用，高交易量和專業知識的參與者會被優先考慮。

At the top of the structure is the Interbank market, which trades on the highest scale (mostly G7 currencies). The largest banks in the interbank market can directly deal with each other through interbank brokerage firms, computer brokerage systems such as computer brokerage services (EBS), and Reuters systems. The Interbank market is a type of credit approval system that relies on credit relationships established between banks and trading parties.

外匯市場主要是銀行間同業交易的市場，其交易最多的主要是G7貨幣。銀行間市場中最大的銀行間可以直接與經紀商公司接洽，透過電腦仲介系統（如電腦經濟服務（EBS））和路透社系統直接進行交易。銀行間市場是一種信用審核系統，著重於銀行與交易方之間建立的信用關係。

They can see the exchange rate trading record. However, to deal with each bank’s exchange rate, one must have a specific credit relationship with the other bank in advance. Other institutions, such as Online FX Brokers, Hedge Funds, and Corporations, have to trade FX through commercial banks.

他們可以查看匯率交易記錄。但是要處理每家銀行的匯率，其中一家銀行必須事先與另一家銀行建立特定的信用關係。其他機構，例如線上外匯經紀商，對沖基金和公司，必須通過商業銀行進行外匯交易。

However, many banks (small local banks or banks in emerging economies), corporations, and institutional investors cannot trade at these interbank exchange rates because they don’t have a credit relationship with big banks in advance. As a result, small participants have no choice but to make foreign exchange transactions through only one bank. It will inevitably be provided with an uncompetitive exchange rate and become a lower class of market structure. The least competitive exchange rate is the bank’s customers and currency traders.

但是，有許多銀行（如當地小型銀行或新興市場的銀行），公司和機構投資者無法以這些銀行間匯率進行交易，因為它們和大型銀行沒有信用關係，所以小的參與者別無選擇，只能通過一家銀行進行外匯交易，被給予缺乏競爭力的匯率，並成為市場結構的下等階層。銀行的客戶和貨幣交易商是競爭性最低的匯率。

Recently, due to the development of technology, barriers that existed between end-users of foreign exchange services and the interbank market have been broken down. The development of online trading has opened the door to foreign exchange transactions for retail customers. It has efficiently linked to market makers and market participants at low costs alone.

近來，由於技術的發展，外匯服務的終端用戶與銀行間市場之間的壁壘已被打破。在線交易的發展為零售客戶打開了外匯交易的大門。通過低成本，就有效地與做市商和市場參與者建立了聯結。

Essentially, the online trading platform serves as an entrance to the liquidity-rich foreign exchange market. Ordinary traders can now trade orders at prices similar to those of the largest banks in the world. In games controlled and dominated by giant hands, individuals can make profits and enjoy the same opportunities as large institutions.

基本上，線上交易平台是進入流動性豐富的外匯市場的入口。現在一般交易者可以有與世界上最大的銀行類似的價格交易訂單。在由大型機構掌控的投資市場中，個人也可以享有與大型機構相同的賺錢機會。

 

交易站–銀行間市場 Dealing Station – Interbank Market

 

The majority of FX transactions are mainly through the Interbank market. Large banks worldwide trade with each other through computer platforms such as EBS and Reuters Dealing 3000-Spot Matching. While significant currency pairs are available through these two platforms, specific currency pairs are traded more fluidly or more frequently.

大多數外匯交易主要通過銀行間市場進行。全球大型銀行通過電腦平台（例如EBS和路透社交易3000點匹配）彼此進行交易。特定貨幣對可以通過這兩個平台讓特定貨幣對的交易更加流暢或更頻繁。

The two companies are continuously competing to increase their market share and introduce the most flexible currency pair in each company.

這兩家電腦平台正在不斷競爭以增加他們市場的占比，並在每家公司中引入最活耀的貨幣對。

 

Generally known heterogeneous currency pairs are not traded on either platform but are instead calculated based on the exchange rate of key currency pairs and offset using LEGS (the currency used to create the currency pair’s asking price).

通常已知的異類貨幣對不在兩個平台上進行交易，而是根據主要貨幣對的匯率進行計算，並使用LEGS（用於創建貨幣對要價的貨幣）進行抵消。

For example, if a customer wants to buy AUD/JPY, the Interbank Trader will buy AUD/USD on REUTERS D3000 systems, and the EBS system will inform the USD/JPY exchange rate.

例如，如果客戶想要購買AUD / JPY，則銀行間交易員將在REUTERS D3000系統上購買AUD / USD，而EBS系統將通知USD / JPY匯率。

These heterogeneous currency pairs, known as synthetic currencies, generally explain why the spread of these currencies is broader than that of major currencies.

這些異類貨幣對（稱為合成貨幣）通常可以解釋為什麼這些貨幣的價差比主要貨幣的價差更大。