they are huge by any definition of the term. In 2013, daily turnover was more than $5.3 trillion, which means the annual turnover amounted to about S1,336 trillion. To put these figures in perspective, in 2013 the daily turnover of the foreign exchange market was more than 83 times greater than the total number of seconds that had passed during the previous 2,013 years. Its yearly volume was about 82 times larger than the annual U.S. GDP (S16.24 trillion in 2012). The Basics" portion of this chapter r on the spot market, in which currency is purchased for immediate delivery. "The Rest of the Story" section discusses the forward exchange narket. Macro Memo 1 The Major Segments of the Foreign Exchange Market explains the major segments of the forei exchange market.