CHAPTER 1THE FOREX MARKET AND FRAUD

HOW THE FOREX STARTED

In theory, foreign exchange (forex) trading dates back to ancient times when traders first began exchanging coins from different countries and groups. In 1944, the postwar forex system was established as a result of a multination conference held at Bretton Woods, New Hampshire, and remained intact until the early 1970s.

At this conference, representatives from 45 nations met to discuss the forex system. The conference resulted in the formation of the International Monetary Fund. It also produced an agreement that fixed currencies in an exchange rate system that tolerated 1 percent currency fluctuations to gold values, or to the dollar, that was previously established as the gold standard. ...

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