Forex

The foreign exchange market (currency, forex, or FX) trades currencies. It lets banks and other institutions easily buy and sell currencies.

The purpose of the foreign exchange market is to help international trade and investment. A foreign exchange market helps businesses convert one currency to another. For example, it permits a U.S. business to import European goods and pay Euros, even though the business's income is in U.S. dollars.

In a typical foreign exchange transaction a party purchases a quantity of one currency by paying a quantity of another currency. The modern foreign exchange market started forming during the 1970s when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.

The foreign exchange market is unique because of

• its trading volumes,
• the extreme liquidity of the market,
• its geographical dispersion,
• its long trading hours: 24 hours a day except on weekends (from 20:15 UTC on Sunday until 22:00 UTC Friday),
• the variety of factors that affect exchange rates.
• the low margins of profit compared with other markets of fixed income (but profits can be high due to very large trading volumes)
• the use of leverage

As such, it has been referred to as the market closest to the ideal perfect competition, notwithstanding market manipulation by central banks.^{[citation needed]} According to the Bank for International Settlements,^[2] average daily turnover in global foreign exchange markets is estimated at $3.98 trillion. Trading in the world's main financial markets accounted for $3.21 trillion of this. This approximately $3.21 trillion in main foreign exchange market turnover was broken down as follows:

• $1.005 trillion in spot transactions
• $362 billion in outright forwards
• $1.714 trillion in foreign exchange swaps
• $129 billion estimated gaps in reporting

Grand Prix motor racing

Grand Prix motor racing has its roots in organised automobile racing that began in France as far back as 1894. It quickly evolved from a simple road race from one town to the next, to endurance tests for car and driver. Innovation and the drive of competition soon saw speeds exceeding 100 miles per hour (160 km/h), but because the races were held on open roads there were frequent accidents with the resulting fatalities of both drivers and spectators.

Grand Prix motor racing eventually evolved into formula racing, and Formula One can be seen as its direct descendant. Each event of the Formula One World Championships is still called a Grand Prix.

Other categories

• Autocross
• Autograss
• Banger racing
• Board track racing
• Demolition derby
• Dirt speedway racing
• Dirt track racing
• Drifting
• Folkrace
• High Performance Drivers Education
• Hillclimbing
• Ice racing
• Legends car racing
• Midget car racing
• Monster truck
• Pickup truck racing
• Rallycross
• Road racing
• Short track motor racing
• Slalom
• Sprint car racing
• Sprinting
• Street racing
• Time Attack
• Truck racing
• Wheelstand Competition

Historical racing

As modern motor racing is centered on modern technology with a lots of corporate sponsors and politics involved, historical racing tends to be the opposite. Because it is based on a particular era it is more hobbyist oriented, reducing corporate sponsorship and politics. Events are regulated to only allow cars of a certain era to participate. The only modern equipment used is related to safety and timing. A historical event can be of various different motorsport disciplines. Notably some of the most famous events of them all are the Goodwood Festival of Speed and Goodwood Revival in Britain and Monterey Historic in the United States. Championships range from "grass root" Austin Seven racing to the FIA Thoroughbred Grand Prix Championship for classic Formula One chassis.

While there are several professional teams and drivers in historical racing, this branch of auto sport tends to be contested by wealthy car owners and is thus more amateur and laid back in its approach.

Kart racing

Although often seen as the entry point for serious racers into the sport, kart racing, or karting, can be an economical way for amateurs to try racing and is also a fully fledged international sport in its own right. World-famous F1-drivers like Michael Schumacher or Fernando Alonso and most of the typical starting grid of a modern Grand Prix took up the sport at around the age of eight, with some testing from age three. Several former motorcycle champions have also taken up the sport, notably Wayne Rainey, who was paralysed in a racing accident and now races a hand-controlled kart. As one of the cheapest ways to go racing, karting is seeing its popularity grow worldwide.

Go-karts, or just "karts" - seem very distant from normal road cars, with diminutive frames and wheels, but a small engine combined with very light weight make for a quick machine.

Off-road racing

In off-road racing, various classes of specially modified vehicles, including cars, compete in races through off-road environments. In North America these races often take place in the desert, such as the famous Baja 1000. In Europe, "offroad" refers to events such as autocross or rallycross, while desert races and rally-raids such as the Paris-Dakar, Master Rallye or European "bajas" are called "cross-country rallies." many people have died while trying to win the world cup.