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silver and gold.

Medieval and later[edit]
During the fifteenth century the Medici family were required to open banks at foreign locations in order to exchange currencies to act on behalf of textile merchants.[11][12] To

facilitate trade the bank created the nostro (from Italian translated – "ours") account book which contained two columned entries showing amounts of foreign and local currencies, information pertaining to the keeping of an account with a foreign bank.[13][14][15][16]

During the 17th (or 18th ) century Amsterdam maintained an active forex market.[17] During 1704 foreign exchange took place between agents acting in the interests of the nations of England and Holland.[18]

trading business.[20][21]

The year 1880 is considered by at least one source to be the beginning of modern foreign exchange, significant for the fact of the beginning of the gold standard during the year.[22]

Prior to the first world war there was a much more limited control of international trade. Motivated by the outset of war countries abandoned the gold standard monetary system.[23]

Modern to post-modern[edit]
From 1899 to 1913, holdings of countries' foreign exchange increased at an annual rate of

10.8%, while holdings of gold increased at an annual rate of 6.3% between 1903 and 1913.[24]

At the time of the closing of the year 1913, nearly half of the world's foreign exchange was conducted using the Pound sterling.[25] The number of foreign banks operating within the boundaries of London increased in the years from 1860 to 1913 from 3 to 71. In 1902 there

were altogether two London foreign exchange brokers.[26] In the earliest years of the twentieth century trade was most active in Paris, New York and Berlin, while Britain remained largely uninvolved in trade until 1914. Between 1919 and 1922 the employment of

foreign exchange brokers within London increased to 17, in 1924 there were 40 firms operating for the purposes of exchange.[27] During the 1920s the occurrence of trade in London resembled more the modern manifestation, by 1928 forex trade was integral to the

1930financial functioning of the city. Continental exchange controls, plus other factors, in Europe and Latin America, hampered any attempt at wholesale prosperity from trade for those of 's London.[28]

During the 1920s, the Kleinwort family were known to be the leaders of the foreign exchange market; while Japheth, Montagu & Co., and Seligman still warrant recognition as significant FX traders

.[29]

After WWII[edit]
After WWII, the Bretton Woods Accord was signed allowing currencies to fluctuate within a range of 1% to the currencies par.[30] In Japan the law was changed during 1954 by the

Foreign Exchange Bank Law, so, the Bank of Tokyo was to become, because of this, the centre of foreign exchange by September of that year. Between 1954 and 1959 Japanese law was made to allow the inclusion of many more Occidental currencies in Japanese forex.[31]

U.S. President Richard Nixon is credited with ending the Bretton Woods Accord and fixed rates of exchange, eventually bringing about a free-floating currency system. After the ceasing of the enactment of the "Bretton Woods Accord" during 1971,[32] the Smithsonian

Agreement allowed trading to range to 2%. During 1961–62, the amount of foreign operations by the U.S. Federal Reserve was relatively low.[33][34] Those involved in controlling exchange rates found the boundaries of the Agreement were not realistic and so ceased this