| In the foreign exchange market, which
is made up of banks' traders and brokers, prices {{U}}(61) {{/U}}
every minute {{U}}(62) {{/U}} to supply and demand. For safety's sake, a
branch will get a rate from their traders for a big transaction. Therefore the
traders give their branches lists of exchange rates {{U}}(63) {{/U}}
they may buy and sell notes and payments in the main currencies. Whenever a bank in Britain makes a payment in foreign currency, or makes a payment in sterling to a non-resident, the payment has first to {{U}}(64) {{/U}} under British exchange control regulations. The bank itself can usually authorize the payment after seeing a document such as an invoice to show that the payment is due; but cases {{U}}(65) {{/U}} borrowing and lending have to be referred to the Bank of England. |