Unlike a stock, a currency has no exchange and no single price. Foreign exchange is an over-the-counter (OTC) market: trades are arranged bilaterally between two counterparties, with no central order book and no clearing house standing in the middle. Instead of one venue, the market is a 24-hour dealer network that follows the sun, with activity rolling between Sydney, Tokyo, London and New York. London alone handles roughly 38% of global turnover. The 2022 BIS Triennial Survey put total FX turnover at about $7.5 trillion per day, of which spot (the simple "buy now") leg was roughly $2.1 trillion (~28%); FX swaps were the largest slice at ~51%.