FX Global Code

A regulator's briefing on the retail currency market: how off-exchange forex works, what leverage really costs and which practices should raise a red flag. Essential reading before funding an account.

National Futures Association

A research overview of how the currency market is actually organised, from dealer intermediation to electronic and algorithmic trading. Explains where liquidity comes from and how prices form.

Chaboud, Rime and Sushko

Sixty best practices covering the full life of a currency trade, from pre-trade documentation to capture, confirmation and settlement. Shows what disciplined execution looks like at institutional scale.

The Foreign Exchange Committee

The triennial turnover survey that measures the size and composition of currency trading, broken down by instrument, counterparty and currency pair. The most authoritative snapshot of what the market actually trades.

Federal Reserve Bank of New York