16 — THE MARKET BECAME FASTER

Technology continued to evolve.

Today, markets can involve:

• Banks

• Central banks

• Hedge funds

• Asset managers

• Corporations

• Market makers

• Proprietary trading firms

• Brokers

• Retail traders

• Algorithms

• High-frequency trading firms

The BIS reported that electronic execution accounted for around 59% of FX trading in its April 2025 snapshot.

The market is no longer simply people shouting across a trading floor.

Much of it happens through electronic systems.