FX Trading is not centralized on an exchange or clearing house, as are the stock and futures markets. The Foreign Exchange market is considered an Over the Counter (OTC) or “inter bank” market, because these that transactions are conducted between two counterpartys over the telephone or an electronic network. The biggest geographic Foreign Exchange trading centre is the United Kingdom , primarily London . Other large centres include the United States , Japan and Singapore . Most of the remainder is accounted for by trading in Germany , Switzerland , Australia , Canada , France and Hong Kong .