Question: When a money exchange started in the world? and What is the history of financial markets?
The first evidence of money exchange is referenced in Talmudic writings, where people would change money, whilst taking a commission for themselves.
1472
The world’s first bank, Monde Dei Paschi di Siena was founded in Tuscany.
1875
The Gold Standard was introduced. This is one of the most important events in the history of Forex, and was a commitment to fix the value of a currency to a specific quantity of gold.
1950
The Eurodollar market was established as the Soviet Union deposited much of its oil revenue outside the US in order to avoid the control of the US authorities.
1971
US President Richard Nixon eliminated the Gold Standard to combat high inflation levels, which led to free-floating currency exchange rates.
1980
London became the centre of the Eurodollar market when British banks lent dollars as an alternative to pounds in order to maintain their position in the global financial markets.
1996
Increasing popularity of the internet. Until this time, currency trading was almost exclusive to large companies who conducted business internationally.
PRESENT DAY
There are now more than 19.3 million retail FX traders worldwide operating through more than 700 Forex brokerages.
