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The Bretton Woods Agreement was a monetary system designed to promote international economic stability and facilitate trade by fixing the exchange rates between major currencies and the US dollar, which was pegged to the price of gold.
The agreement was established in 1944 at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire, in the United States. The aim was to create economic stability after World War II. It remained in effect until 1971, when the US suspended the convertibility of dollars into gold. This led to collapse of the fixed exchange rate system and a shift towards the current system of floating exchange rates.
This agreement was undertaken by 44 UN member countries who agreed to tie their currencies to the US dollar. The countries included Canada, the United Kingdom, France. Under this system, the value of these currencies would remain within a narrow range of fluctuations against the US dollar by buying or selling foreign currencies in the foreign exchange market as needed. At the time, the US dollar itself was pegged to the price of gold at $35 per ounce.
The aim of Bretton Woods was to create a stable global financial system by preventing competitive currency devaluations. This would in turn promote international trade and investment.
The Bretton Woods Agreement ended when the US government could no longer maintain the exchange rate of the US dollar to the price of gold. In 1971, US President Richard Nixon announced that the US would no longer convert dollars into gold, effectively ending the system. Currencies then began to float freely against each other, with their values determined by various market forces.
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ADS Securities LLC (“ADSS”) is authorised and regulated by the Securities and Commodities Authority (“SCA”) in the United Arab Emirates as a trading broker for Over the Counter (“OTC”) Derivatives contracts and foreign exchange spot markets. ADSS is a limited liability company incorporated under United Arab Emirates law. The company is registered with the Department of Economic Development of Abu Dhabi (No. 1190047) and has its principal place of business at 8th Floor, CI Tower, Corniche Road, P.O. Box 93894, Abu Dhabi, United Arab Emirates.
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