Since there is NO central exchange or central market clearing ,It seems to me that the SPOT FX market is NON-existent. It is all just numbers being moved around among traders through the so called brokers,dealers,ECNs,STPs..... like a game of poker. when CNBC,Bloomberg...etc quote Euro/$ rate should be more specific and say this is the rate quoted at Xyz dealer,broker,ECN, Liquidity provider....etc.