Tier-1 dealers (market makers)

Tier-1 dealers are the dozen-or-so largest commercial banks (such as JPMorgan, UBS, Citi, Deutsche Bank and Goldman Sachs) that quote the currency market for the entire world and handle most of global FX turnover. As market makers they stream two-sided prices, and their quotes are the liquidity source for funds, brokers and indirectly every retail trader.