It is a single unified market. Almost the same rate prevails everywhere. It is a global market in the sense that currency transactions take place in just a few seconds as transactions are carried out via electronic tags. The largest market in the world is the foreign exchange market. In 2013, daily transactions amounted to $5.3 trillion. Daily transactions in foreign exchange markets increased from $1.7 trillion in 1998 to $3.98 trillion in 2010 and $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 central bank interventions are there, the market remains perfectly competitive. The daily transaction takes place in different countries and different financial centers. The UK ranks first in terms of transaction volume. 41% of the daily percentage of transactions take place in the UK and US, which is 19%. The currencies generally accepted in international transactions are USD, Euro, Yen and British Pound. They are called vehicle currencies because they are the most traded currencies in the market..