With the development of the forex trading market, tremendous people begin to learn and rush into the Forex trading. As the trading volume
explodes, investors have invented numerous and famous trading
principles, such as wave principle, Candlestick cross star, and other
trading techniques, which are wildly applied in different markets. But
do you ever wonder where is the origin of forex?To get more news about
WikiFX, you can visit wikifx official website.
The earliest forex transactions appeared in ancient times. In the
period of the Talmud, “changers” who mainly helped others to exchange
currency and collected commissions in every exchange appeared. These
people gathered in a small corner of the city or stood outside the
temples where Gentiles often visited. Around the 4th century AD, the
Byzantine government controlled a company that monopolized Forex
transactions. In 1472, Italy established a pawnshop, and the world's
first “bank” in real form appeared. Monte dei Paschi di Siena (BMPS),
the oldest bank in the world, is still in operation today.
In the 15th century, to meet the currency exchange needs of textile
merchants, the Medici family (Medici) opened a bank abroad and began to
use “current account books” to process transactions. This type of ledger
could display forex accounts and domestic currency accounts with
foreign banks. In the 17th and 18th centuries, the forex market in
Amsterdam remained active. Agents and merchants in the UK and the
Netherlands dominated the Forex market.In the 1850s, a company named
Alexander Brown & Sons began trading forex, and it was regarded as a
leading market participant. Pioneers of forex transactions in the
history of the United States also include J.M. Do Espirito Santo de
Silva, who was allowed to conduct forex transactions in the 1880s. In
1880, a global monetary system was formed based on the gold reservation.
Therefore, this year was the beginning of the modern forex. From 1899
to 1913, Forex reserves increased by 10.8%, while gold reserves only
increased by 6.3%, which indicated that emerging forex markets have
gradually received attention.
In 1902, two forex brokers appeared in London. In 1913, almost half of global Forex transactions were
conducted in British pounds. This is of great significance to the
formation of the British capital market. The number of forex banks in
the UK rose from 3 in 1860 to 71 in 1913. Although the British pound
almost dominated Forex trading at the time, Britain itself was absent in
the early years of the 20th century. The most active centers for forex
transactions were indeed Paris, New York, and Berlin. London and the
entire British Empire were relatively silent before 1914.
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