Currency exchange is always open: treasuries now make the forex market
Every currency pair on the Forex screen now carries standing treasury bids and asks, so you can always convert between any two currencies at a small spread around the market rate.
The forex market just became dependable:
- Every pair, both sides. Each nation's treasury keeps a standing bid and ask on every currency pair involving its currency, funded from its foreign reserves — so a conversion between any two currencies always has a counterparty. - Market-anchored rates. Treasury quotes track the latest traded rate at a small spread; where no trades exist yet they start at parity. Your trades move the anchor, and the treasuries follow the market rather than pinning it. - Refreshing continuously. Quotes are re-centred every half hour, so filled treasury liquidity replenishes on its own.