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Chapter 3. The History of Forex (and Why... > The Internet Trade Revolution: Banks...

The Internet Trade Revolution: Banks Hated It, Speculators Loved It, and the Market Demanded It

In the 1990s, the currency markets grew more sophisticated and faster because money, and how people viewed and used it, was changing. Bankers and merchants have always sought ways to speed up the movement of money. It meant more security, more flexibility, and more profits. A big leap was made with the invention of the telegraph in the 1800s, which allowed people to wire money within a vast network. This first instance of electronic transfer, however, was not commonly used.

After World War II, large numbers of Americans began paying bills with checks rather than with cash. Banks looked for ways to speed up the movement of these payments from the payer to the bank and back to the creditor.


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