| Code | DS/UK/210 |
| Corporate Name | Bank of England Foreign Exchange Division |
| Dates | 1980 - |
| OtherFormsOfName | Gold and Foreign Exchange Office (1973 - 1980); FED |
| Activity | In 1980 the Foreign Exchange Division took over responsibility for policy and market operations relating to dealing in the foreign exchange and gold markets and the management of the nation's gold and currency reserves through the Exchange Equalisation Account (EEA). This work had previously been undertaken by the Cashier's Department, Gold and Foreign Exchange Office, although this office continued to undertake the administration and non-policy related process of the function.
In July 1985 the foreign exchange dealers, bond traders and gimlets were transferred from the Gold and Foreign Exchange Office of the Banking Department to the Foreign Exchange Division. Three main responsibilities as below. 11A265/5 Staff Committee 09/01/86
1987 three main responsibilities: operations in fold/fex markets on behalf of EEA; management of foreign exchange and gold reserves; non-stat supervision of fex and deposit brokers, and markets in foreign exchange, currency deposits and gold.
11A265/6 Staff Committee 12/03/87
In 1991, FED included the Reserve Management Unit (which included Japan, Research and New Products; US Treasuries and Strategy; Europe, Active Management and Systems; External Debt; Portfolio Managers; and Gimlets), Foreign Exchange Dealing Team (which included Foreign Exchange Dealers and Foreign Exchange Gimlets), and saw the advent of the Unified Dealing Room (UDR) in December 1990 (previously the foreign exchange dealers and support staff, and the reserve management staff, were in two separate rooms, on their own. In December they all moved into a single large dealing room which they shared with the gilt-edged and money market dealers. 11A265/14 Staff Committee 6/2/1991 |
| Source | 11A265/4 |
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