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Federal Reserve was relatively low. Those involved in controlling exchange rates found the boundaries of the Agreement were not realistic and so ceased this in March 1973, when sometime afterward none of the major currencies were maintained with a capacity for conversion to gold, organizations relied instead on reserves of currency. From 1970 to 1973, the volume of trading in the market increased three fold. At some time according to Gandolfo during February–March 1973 some of the markets were "split", and a two tier currency market was subsequently introduced, with dual currency rates. This was abolished in March 1974. Due to the ultimate ineffectiveness of the Bretton Woods Accord and the European Joint Float, the forex markets were forced to close sometime during 1972 and March 1973. The very largest purchase of US dollars in the history of 1976 was when the West German government achieved an almost 3 billion dollar acquisition a figure given as 2. 75 billion in total by The Statesman: Volume 18 1974, this event indicated the impossibility of the balancing of exchange stabilities by the measures of control used at the time and the monetary system and the foreign exchange markets in "West" Germany and other countries within Europe closed for two weeks during February and, or, March 1973. Giersch, Paqué, and Schmieding state closed after purchase of "7. 5 million Dmarks" Brawley states ". Exchange markets had to be closed.
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There is also the problem of integrated products offered by the companies.
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This is why in the United Kingdom market makers were forced by the regulators to call their services "Spread Betting" instead of "Forex Trading" in order to reduce any possible confusion.
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