Market Participants – Who's in the Market and Why It Matters

The Trading Floor with David Axtell · Feb 10, 2026 · 16m

Foreign exchange is the largest financial market in the world—but who's actually in it?In Episode 3, David Axtell breaks down the five key player groups: banks and dealers who provide liquidity and take proprietary positions, corporates hedging commercial exposures, asset managers building currency allocations, central banks conducting monetary policy and market interventions, and hedge funds running speculative strategies.Each participant brings different objectives, time horizons, and information advantages. Understanding who's on the other side of your trade matters—because it shapes…