FX Markets: $4.7 Trillion Per Day?

For the uninitiated, when economists refer to FX, the abbreviation doesn't mean "special effects" or "Federal Express" or "Fighter, Experimental." It means "foreign exchange." Morten Bech discussed "FX volume during the financial crisis and now" in the March 2012 issue of the BIS Quarterly Review. BIS stands for Bank of International Settlements, an organization whose members are central banks and some international organizations, which among other tasks holds conferences, collects data, and facilitates some financial transactions.

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