foreign exchange service

foreign exchange service
In telecommunication, a foreign exchange service (FX) is a network-provided service in which a telephone in a given local area is connected, via a private line, to a central office in another, i.e., "foreign", exchange, rather than the local exchange area's central office.
To call originators, it appears that the called party having the FX service is located in the foreign exchange area.
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In finance, a foreign exchange service provides clients with an on-line platform to trade currency, such as the U.S Dollar and the Euro. Clients may hedge against, or more likely speculate upon, changes in the exchange rate for different currencies.
The small "retail traders" who are likely to use these services are often the target of forex scams. The U.S. Commodity Futures Trading Commission, which loosely regulates many foreign exchange traders in the U.S., has warned of an increase in the number of these scams.