The History and Evolution of the Sydney Forex Exchange

 

The Sydney Forex Exchange, also known as the Australian Securities Exchange (ASX), has a long and fascinating history. The exchange, which was established in 1987, has evolved over the years to become one of the world's leading stock exchanges. In this article, we will take a closer look at the history and evolution of the Sydney Forex Exchange.

 

The origins of the Sydney Forex Exchange can be traced back to the mid-19th century when a number of stock exchanges were established in Australia. The earliest of these was the Melbourne Stock Exchange, which was founded in 1861. The Sydney Stock Exchange was established several years later in 1871, followed by the Adelaide Stock Exchange in 1887.

In the early years, the Sydney Stock Exchange was primarily focused on trading shares in Australian companies. However, as the Australian economy grew and became more integrated into the global economy, the exchange began to expand its offerings to include foreign exchange trading.

The first major step towards the establishment of the Sydney Forex Exchange came in 1980 when the Australian Government introduced a floating exchange rate system. This system replaced the previous fixed exchange rate system and allowed the Australian dollar to be traded freely on the global foreign exchange market.

The introduction of

the floating exchange rate system created a need for a centralised foreign exchange market in Australia. The Sydney Stock Exchange recognised this need and established a foreign exchange trading platform in 1983. However, this platform was not widely used and did not gain significant traction in the market.

In 1987, the Sydney Stock Exchange merged with the Melbourne Stock Exchange to form the Australian Stock Exchange (ASX). The ASX became the primary stock exchange in Australia and also assumed responsibility for foreign exchange trading.