The market operates 24 hours a day from 22:00 London time on Sunday evening until 22:00 London time on Friday evening. Trading begins daily in Sydney, and as the world turns, business days begin in each financial center around the globe, from Tokyo to London to New York. Investors can trade according to their own schedules. Unlike the stock and futures markets, derivatives trading is not centered on an exchange. They are traded on the “over-the-counter” or “inter-bank” market, because the transactions are carried out by both parties via the Internet or by telephone. So traders are able to react to market fluctuations at any time, day or night, during the normal opening hours of the derivatives market.