The interbank market is a global financial network that links different banks and financial institutions together, enabling them to trade currencies and other financial instruments. It is a decentralized market where banks and other financial institutions act as both buyers and sellers of currency, with prices determined by the forces of supply and demand.

The interbank market is made up of several large banks and financial institutions that serve as market makers, offering prices for a wide range of currency pairs. These market makers include banks such as JP Morgan, Citigroup, UBS, Deutsche Bank, and Barclays, among others. They offer competitive bid and ask prices to other banks and financial institutions, which then use these prices to buy or sell currencies.

The interbank market operates around the clock, five days a week, with trading taking place electronically or over the phone. The market is not open to individual traders, as the large volumes and minimum trade sizes required are typically beyond the reach of most retail traders. However, some forex brokers offer access to the interbank market through electronic communication networks (ECNs), which allow traders to access liquidity from multiple sources and trade directly with other market participants.

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