Trading is done by telephone or telex, with banks generally dealing directly with other banks, Foreign Exchange Brokers or corporations.
Trading is conducted in a competitive arena by 'open outcry' of bids, offers and amounts.
Participants are either buyers or sellers of a contract at a single, specified price at any given time. Participants in each transaction always know the other trading party. Market participants usually are unknown to one another, except when a firm is trading its own account through its own brokers on the trading floor. Participants are banks dealing with each other, and other major commercial entities. Access for individuals and smaller firms is limited.