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67 ssss1 These currencies were: British pounds, Canadian dollars, Deutschmarks, Japanese yen, Mexican pesos and Swiss francs.

68 ssss1 (Yergin, 1991, pp. 597–607).

69 ssss1 (Mouawad, 2008).

70 ssss1 BIS data as of 31 December 2020, which can be accessed at: https://stats.bis.org.

71 ssss1 World Federation of Exchanges data as of 31 December 2020, which can be accessed at: https://statistics.world-exchanges.org.

72 ssss1 BIS data as of 31 December 2020, which can be accessed at: https://stats.bis.org.

73 ssss1 This is the risk of default by the opposite party to a trade. Clearing houses act as a central counterparty to all traders within a market and collect margin funds from all participants in order to insure against the default of any one party to a trade.

74 ssss1 US Treasury Department data, which can be accessed at: www.publicdebt.treas.gov.

75 ssss1 Based on US Treasury Department data for Treasury securities held by the public, which can be accessed at: https://ticdata.treasury.gov/Publish/mfh.txt. This figure may misstate the true proportion of US Treasury securities held by foreigners, since US securities held in overseas custody accounts may not be attributed to the actual owners.