Forex options, orders & fixes

In finance, a foreign exchange option (commonly shortened to just the FX option or currency option) is a derivative financial instrument that gives the right but not the obligation to exchange money denominated in one currency into another currency at a pre-agreed exchange rate on a specified date.

The foreign exchange options market is the deepest, largest, and most liquid market for options of any kind.

Most trading is over the counter (OTC) and is lightly regulated, but a fraction is traded on exchanges like the International Securities Exchange, Philadelphia Stock Exchange, or the Chicago Mercantile Exchange for options on futures contracts.

The global market for exchange-traded currency options was notionally valued by the Bank for International Settlements at $158.3 trillion in 2005