Market Participants:* 1. Banks (Dealers, Market Makers) 2. Institutional Investors (Hedge Funds, Pension Funds) 3. Retail Brokers (Individual Traders) 4. High-Frequency Trading (HFT) Firms 5. Central Banks (Regulators, Intervention) *Market Levels:* 1. Interbank Market (Tier 1) 2. Wholesale Market (Tier 2) 3. Retail Market (Tier 3) *Market Structure Models:* 1. Dealer Model (Quote-Driven) 2. Broker Model (Order-Driven) 3. Hybrid Model (Combination) *Key Components:* 1. Liquidity Providers (LPs) 2. Electronic Communication Networks (ECNs) 3. Swap Execution Facilities (SEFs) 4. Forex Exchanges (e.g., ICE, CME) *Forex Market Hierarchy:* 1. Tier 1: Interbank Market (Banks, LPs) 2. Tier 2: Wholesale Market (Institutional Investors) 3. Tier 3: Retail Market (Individual Traders)