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The firm Alexander Brown & Sons traded foreign currencies exchange sometime about 1850 and were a leading participant in this within the U.S. of A 1. During 1880 J.M. do Espírito Santo de Silva (Banco Espírito e Comercial de Lisboa) applied for and was given permission to began to engage in a foreign exchange trading business 2, 3.
1880 is considered by one source to be the beginning of modern foreign exchange, significant for the fact of the beginning of the gold standard during the year 4.
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