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We could do this because foreigners were selling their currencies to buy American assets, supplying Americans with foreign exchange to buy Frenchwine and Japanese cameras.
"With foreign exchange, there's an element of gambling in there.
These were established to deal with foreign exchange and to facilitate trade with other countries.
Zambia and Mauritius have done away altogether with foreign exchange controls.
The cultural diversity there was amazing, with foreign exchange students and a broad mix of backgrounds.
The Bank suspending an employee last week, and released details of minutes held with foreign exchange traders over many years.
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The plan is not to challenge LIFFE or Eurex in their vast interest-rate derivatives businesses but to find market niches.Other innovations have poured forth, including a deal with LCH.Clearnet that lets Euronext capture some of the fees on derivatives trades it sends to the clearing house and co-operation agreements with foreign exchanges, most recently the Dalian Commodity Exchange in China.
Ukraine, meanwhile, looked in danger of imminent default, with foreign-exchange reserves at dangerously low levels.
Then PepsiCo International recruited me to help with foreign-exchange currency swap programs.
ABOUT two dozen staff have so far been fired or suspended by banks for allegedly tampering with foreign-exchange markets.
Earlier this year, Morgan Stanley's chief financial officer, Ruth Porat, said the firm had a plan to move more derivatives into its bank, adding that it had started doing this with foreign-exchange-related derivatives.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com