[cottager2]

> There is no such thing as a “forex market”. You are trading directly with a counterparty in forex.

That’s called a market. You probably mean a market maker, who may buy or sell a security at a market price without an available counter party. Any market can have a circuit breaker. But usually forex doesn’t because the whole point of the market is to provide a way to convert currencies when needed, compared to stock markets where the main goal is to efficiently allocate capital.

[kasey_junk]

To be specific there is no exchange or benchmark price for forex. When you trade forex you are directly dealing with the provider of the other side of the price vs a matching engine provided by a disinterested third party.

There are multi-dealer platforms that abstract this but you are still directly covered by your contract with the partner counterparty.

Most direct api integrations and multi-dealer platforms implement circuit breakers but they aren’t regulated like equities or futures exchanges.

Compare that to the link which is a forex futures exchange which is subject to cftc regulations around circuit breakers.

[cottager2]

Directly dealing with a counter party is called a market. A “market maker” is called so because they literally create a market by ensuring there is always is a counter party.