Who Controls the Forex Market?

The speaker talks about the structure of the forex market and discusses who controls this market.  The main layer of the forex market is the interbank market which represents 75% of all FX trades.  Institutions who have access to the interbank market have access to the best prices and access to the best liquidity.  PIP spreads widen once you move further outside of the main layer.  Smaller institutions and corporations have differing levels of access to the forex market and therefore higher transaction costs.