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This case discusses the early history of the foreign exchange market but quickly moves on to highlight the central position that it plays in today''s global market place. The recent globalisation of financial markets is a development which has radically transformed the way international financial markets and international business operate. The case examines how global finance has changed in recent years highlighting the central role played by the foreign exchange market. This case is suitable for undergraduate and postgraduate courses with an international finance, international banking or international business component. The themes covered also provide an analytical framework in which multi-national company decision making has to be analysed whether from the point of view of international finance, international marketing or international corporate strategy. It is particularly suitable for business situations where foreign exchange hedging and arbitrage decisions are being discussed.