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Forex rates setting

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EkisDoep1
Occasional Contributor

Saw this morning that forex rates by WM/Reuters are set veryday at 4pm in London. I find this interesting because I have always wondered where it is set and how it is distributed through the world. Someone told me that the forex market rates just perpetuates on it's own because it is so massive and trading is always done all over the world. Has anybody got any ideas about it?