ABSTRACT
It is easy to forget that the international money markets as we know them today are a relatively recent creation. New entrants to the financial world may find it surprising and salutary to note that the senior managers of their businesses have witnessed the creation of entire markets that did not exist when they themselves were starting their careers. Some of those managers may have done much personally to create the new markets. The pace of financial innovation and the scale and importance of financial transactions is, truly, amazing. A brief economic history of the financial markets is as follows.
