By P Einzig
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Additional resources for A Dynamic Theory of Forward Exchange
At the beginning of this chapter I quoted the earliest knQum instances ; but it may have come into existence even before the 14th century, through the coincidence of the need for facilities to cover exchanges with circumstances which made the provision of those facilities possible. It seems probable that throughout the history of Foreign Exchange whenever there were wide fluctuations in exchange rates there were speculators who anticipated future rises or falls in exchange rates by buying or selling exchanges for forward delivery.
Such operations, under the name of 'swap and deposit', were transacted on a very large scale during the years that followed the stabilisation of Central European currencies in the 'twenties. Such transactions constituted from time to time a substantial proportion of Forward Exchange business in the market. During the late 'fifties Italy in particular raised considerable short-term funds by means of such operations. ction with a foreign bank instructs the bank concerned to invest the foreign currency temporarily obtained through a swap transaction the resulting combined operation is known as 'swap and investment', which is another form of interest arbitrage.
Notwithstanding this, German exporters were at an advantage, because only the most sophisticated section of foreign importers in ports and other big cities was able to deal in Forward Exchanges. Those who were unfamiliar with the forward market, or who were afraid of dealing in it, often preferred to do business with German firms who quoted prices in their own local currencies. In spite of the circumstances indicated above, the London Foreign Exchange market gradually developed a moderate, but increasing, turnover in Forward Exchange during the last few years before the first World War.
A Dynamic Theory of Forward Exchange by P Einzig