It is a single unified market. Almost the same rate prevails everywhere. It is a global market in the sense that currency transactions occur within seconds as transactions occur via electronic labels. The largest market in the world is the Forex market. In 2013, the daily transaction was $5.3 trillion. Daily transactions in the Forex markets increased from $1.7 trillion in 1998 to $3.98 trillion in 2010 to $5.3 trillion in 2013. Another fact is that it is a perfectly competitive market. This means that currency traders are the same in all markets. Even if there are central bank interventions, it continues to be a perfectly competitive market. Daily transaction takes place in different countries and different financial centers. The United Kingdom ranks first in terms of transaction volume. 41% of the daily transaction rate occurs in the UK and 19% in the US. The form of currencies generally accepted in international transactions are USD, Euro, Yen and Pounds Sterling. These are called vehicle currencies as they are the most traded currencies in the country