The foreign exchange (FX) market is considered to be the largest market in the world, with an estimated $4 trillion dollars trading daily. Currencies are traded in both regulated markets such as the futures market and in the largely unregulated interbank market. Currencies are traded around the clock (except weekends) and market participants range from the major banks to small retail speculators. It is a favorite of hedge funds and large speculators as the major currencies are very liquid, trade on low margin rates, and can be very volatile. The US dollar and the Euro dominate the trading, accounting for about 60% of the daily volume.