Intangible foreign exchange market, also known as abstract foreign exchange market, refers to the foreign exchange market without a fixed specific place. This market was first popular in Britain and America, so its organizational form is called the Anglo-American way. Now, this organizational form not only extends to Canada, Tokyo and other regions, but also penetrates into the European continent. The main characteristics of the intangible foreign exchange market are: first, there is no definite opening and closing time. Second, there is no need for face-to-face transactions between foreign exchange buyers and sellers, and foreign exchange supply and demand parties communicate with foreign exchange institutions through telex, telegram, telephone and other communication equipment. Third, there is a good trust relationship between the subjects, otherwise, this transaction is difficult to complete. At present, except for some foreign exchange transactions between banks and customers in some European countries, foreign exchange transactions in all countries of the world are conducted through modern communication networks. Intangible foreign exchange market has become the dominant form of foreign exchange market today.

Second, the tangible foreign exchange market.

The tangible foreign exchange market, also known as the specific foreign exchange market, refers to the foreign exchange market with a specific fixed place. This kind of market was first popular in continental Europe, so its organizational form is called continental model. The tangible foreign exchange market means that the foreign exchange trading market has its own geographical position, such as Tokyo foreign exchange market and new york foreign exchange market. The main characteristics of the tangible foreign exchange market are as follows: 1. Fixed places generally refer to foreign exchange exchanges, which are usually located in financial centers around the world. Second, both parties engaged in foreign exchange business conduct foreign exchange transactions within the specified time of each trading day. In the period of free competition, foreign exchange transactions in western countries are mainly concentrated in foreign exchange exchanges. However, after entering the monopoly stage, banks monopolized foreign exchange transactions, resulting in a decline in foreign exchange.

Micro manipulation of futures