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When was appeared Forex Market

When was appeared Forex Market

2/17/2010 6:03:20 PM

The Interbank World Market Forex, abbreviated FOReign EXchange was formed after the transfer of international trade to floating rates from fixed rates. In fact, this market is a set of transactions committed by agents of the foreign exchange market for the exchange of specified sums adopted in one country of the monetary unit of currency used in another country at an agreed rate on a specified date. In the process of exchange rate value of one currency against another is determined by a very simple way. Value is set by supply and demand, so get an exchange that satisfies both sides. Since then Forex become the most dynamic and liquid market. Currently it is the only market in the world, which works round the clock.

The volume of transactions in the global currency market is constantly growing. This is due to the development of international trade and the abolition of currency restrictions previously applied in many countries. Impression not only on its own volume of transactions, but also the rate at which the market has developed: in 1977 its daily circulation was about five billion dollars, just ten years, he has risen to 600 billion, reached in 1992, one trillion. It should be noted that about 80% of the total number of transactions are speculative transactions with a view to directly profit from the difference in exchange rates.

The highest rates of development of information technology that characterized the last two decades have led to changes in market unrecognizable.