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The foreign exchange market is the largest financial market in the world.

According to Euromoney's annual FX Poll, volumes grew a further 41% between 2007 and 2008
Several other developed countries also permit the trading of FX derivative products (like currency futures and options on currency futures) on their exchanges. All these developed countries already have fully convertible capital accounts. Most emerging countries do not permit FX derivative products on their exchanges in view of prevalent controls on the capital accounts.