The markets in which financial assets are traded. These include stock exchanges for trading company shares and government debt, the money market for trading short-term loans, the foreign exchange market for trading currencies, and a number of specialized markets trading financial derivatives. Most financial markets now operate minute-by-minute via computer and telephone linkages rather than traders meeting in person, but many participants still prefer to be near to other major market participants, which is why financial markets tend to be concentrated in large business centres such as Frankfurt, London, New York, or Paris.