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Revision as of 17:36, 18 November 2005 by Bumm13 (talk | contribs) (grammar fix)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)Forex is a Swedish financial services company. The company was started in 1927 as a currency exchange service for travellers, at the Central Station in Stockholm. The owner of Gyllenspet's Barber Shop, according to the legend, discovered that most of his customers were tourists in need of currency for their trips. The owner began keeping the major currencies on hand.
The company was subsequently acquired by Statens Järnvägar, the Swedish State Railways, which expanded the operations until it was sold off to one of the managers, Rolf Friberg, in 1965. The company was the only one apart from the banks that was licensed to conduct currency exchange in Sweden.
The company, which is still wholly owned by the Friberg family, has expanded into Denmark, Finland and Norway and has over 50 shops, usually located at train stations or airports. The decrease in the business brought on by introduction of the Euro has made the company look for alternative sources of revenue, like applying for a banking license and attempting to move into more regular transaction services, earlier handled by the Swedish postal service.
Forex is also a slang shorthand term for foreign exchange, the global currency market in where major currencies are traded against each other in attempts to profit on the fluctuations due to various economic events (also known as arbitrage).
See also
External links
- Forex - Official site