Forex is the market of interbank exchange of currencies for the free prizes (the quotation is formed without restrictions or fixed meanings). In the most cases, the combination of the “Forex Market” is (English forex market, FX market) is used. The term Forex is common for the description of the reciprocal exchange of currencies, and not exploit all of the entire foreign exchange transactions.
In the English-speaking countries Forex is called currency market and the trading of the currency. In the Russian language, the term Forex is mostly meant in the strict sense – it is meant exclusively for the trade in the currency speculation by commercial banks or the Dillinger centers that use credit shoulder. That is the marginal trade with the currency.
On the15th of August 1971 President of the United States Richard Nikson declared the decision of the abolition of the free convertibility of dollars into gold (which has broken away from the golden standard). In December 1971, in Washington the Smitonvskli agreement was reached under which about 1% instead of the oscillations of the exchange rate U.S. dollar began to be admitted. The vibrations in 4.5% (to 9% for not dollar currency pairs) were possible.
It has destroyed the system of stable exchange rates. It was the culmination moment in the crisis of post-war foreign exchange system. On change, the Jamaican foreign exchange system has arrived, the principles were developed by 20 most developed countries not communist block down in March 1971 on the island of Jamaica. The essence of the happened changes was been attributed to the more liberal policy on the prices of gold. It has relatively new field of activity results in the foreign exchange. It depends not only on the rate of exchange of the beginnings of the golden equivalent of the currency, but also on the market requirement of offer / rate. It was enough the series of problems which were quickly designed for its consideration in 1975. The President of France Valery Giskard d’Estonians and the FRG Chancellor Helmut Schmidt – (the both are the former Finance Minister) offered heads of other leading Western countries to gather in the narrow circle of unofficial for dealing with the eye on the eye. The first meeting has passed “The big eight” (then only six participants) in Rambouillet, with the participation of USA, Germany, Great Britain, France, Italy and Japan (in 1976 on the work of the club has Canada, and in 1998 – Russia connected). One of the main topics of discussion was the structural reform of the international currency system.
On the 8th of January 1976 in the meeting of Ministers of the countries were members of the Inernational Monetary Fund. Kingston (Jamaica) was the new agreement on the establishment of common international currency system that had the type of repairs to the Staff of the Inernational Monetary Fund. The system, the Bretton Wudische foreign exchange system has replaced. Many countries have broken away from the adjustment of national currencies to the dollar or gold actually. But only in 1978 the Inernational Monetary Fund had officially allowed such cancellation.
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Forex is an international interbank market. The operations are performed by the system of institutions: the central banks, commercial banks, investment banks, brokers and dealers, pension funds, insurance companies, transnational corporations etc. The quotations of currencies are used for the large amount of operations. The scope of a contract with the real delivery of the currency on the second working day is mostly related to the market in addition to 5 million U.S. dollars or its equivalent. The value forms by one of the conversion payments of 60 up to 300 dollars. In addition you have to pay the costs up to 6 thousand dollars a month on the interbank market information terminal. Because of these conditions on Forex one doesn’t lead to the direct conversion of small sums of money. With the large amount of customers and the various claims the situations of internal clearing arise regularly among the agents,...