FX operates like Napster: a decentralized, 24/7 global trading network
Darren Jer · 1412 Passed $12m in ARR, Banks Use This API To Decrease Currency Risk · Jun 6, 2019 · at 3:16
MarketFactory CEO Darren Jer contrasts the decentralized structure of foreign exchange trading with centralized stock exchanges like NASDAQ and NYSE.
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“If you trade stocks, there's probably three major exchanges, New York Stock Exchange, NASDAQ, and some others in the US. But if you trade currencies, it's a very global market, right? It's almost like Napster for trading, which is every single bank, every single exchange even hedge funds in across the world, they trade euros with dollars, with yen, with Swiss every second of the day. And there are no breaks, right? Basically, even when it's Christmas here, Asians are trading because it's a work day for them. It's a 20, it's a truly 24 seven market.”
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