Trading centers for forward exchange contracts

Wherever there are major spot-currency markets operating, forward exchange contracts are usually traded as well. Leading currency markets today are situated in Amsterdam, Brussels, Frankfurt, London, Montreal, New York City, Paris, Toronto, and Zurich. London continue to be the predominant location for spot and forward currency trading, offering forward contracts for Canadian and U.S. Dollars, marks, guilders, and both French and Swiss francs. The New York Market specializes in forward trading of Canadian dollars, marks, Swiss francs, and the pound. In 1972 the Chicago Mercantile Exchange inaugurated trading in forward contracts for Canadian dollars, sterling, Swiss francs, marks, yen, lira, and pesos. As in the spot markets, most trading in forward currency contracts occurs between dealer departments of major banks and foreign exchange brokers.