FX fact: early forwards trading
MARKET NEWS
By the mid-19th century, the foreign exchange industry had come a long way from the early money-changers in the ancient Middle East, and the subsequent evolution of currency exchange throughout the Roman Empire. Most pundits are agreed, however, that the first large-scale forward FX market was developed in Vienna.
Fluctuations
The Austrian currency of the time -- the gulden -- was subject to frequent fluctuations, and during these periods forward FX business was transacted in order to reduce
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