| A | B |
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| Around 2000 BC in Assyria, India and Sumeria. | The first prototype banks were run by merchants The 'customers' were farmers and who carried goods between cities. |
| Between 12th–9th centuries BC to the end of classical antiquity (c. AD 600), in ancient Greece and during the Roman Empire. | Lenders based in temples gave loans, while accepting deposits and performing the exchange of money. |
| Between the 14th and 17th Centuries, in medieval and Renaissance Italy and particularly in the affluent cities of Florence, Venice and Genoa. | Several powerful families, such as the Medicis, dominated banking and established branches in many other parts of Europe. |
| Banking innovations took place in Amsterdam during the Dutch Republic in the 17th century, and in London during the 18th century. | A new kind of "money" that was actually debt, that is, goldsmiths' debt was issued as a substitute of gold and silver coins which were heavy and susceptible to theft. This development required the acceptance in trade of the goldsmiths' promissory notes, payable on demand. Acceptance also required that the holders of debt be able to legally enforce an unconditional right to payment; it required that the notes (as well as drafts) be negotiable instruments. |
| In the period from 1770 to the mid-1800s, central banking operations emerged. | In London, during daily cheque clearances, bank clerks met at the Five Bells, a tavern in Lombard Street in the City of London, to exchange all their cheques in one place and settle the balances in cash. The first Bankers’ Clearing House was built in Lombard Street in 1833, with money subscribed by the 39 founding bankers, which included Barclays, Glyn, Martin and Williams. Apart from when the clearing was transferred to Stoke-on-Trent during World War II, cheques were exchanged in Lombard Street for over 220 years. |
| In 1913, the United States Federal Reserve was formed and one of their objectives was to encourage domestic bankers acceptance market to take on London’s market. | Fed’s aim was to boost United States trades and make the US banks more competitive. At the time, National banks were given the authority to accept time draft, while the Fed had the authority to take over some eligible bankers acceptances such as self-liquidating transactions with a maturity under six months. One of their objectives was to encourage the development of a domestic bankers acceptance market to take on London’s market and to boost United States trades. |
| The Central Bank of Canada introduced Banker’s Acceptances into the Canadian marketplace on June 11, 1962, to encourage a more active domestic money market. | This usage differs significantly from their more common use to finance international trade and importing activities (notably in the United Kingdom and the United States). BAs were a logical addition to the Canadian money market and a constructive step to broaden credit facilities and promote the efficient employment of funds available for short-term investment. BAs complement CP and bank loans as a source of financing for domestic activities, as well as nongovernment paper, treasury bills and other short-term government securities, which are shortterm liquidity and income instruments used by domestic investors. |
| The Han Dynasty in China officially opened trade with the West in 130 B.C., which continued until 1453 A.D, when the Ottoman Empire boycotted trade with China. | These international trade routes formed a large network of strategically located trading posts, markets and thoroughfares designed to streamline the transport, exchange, distribution and storage of goods. The use of paper which was invented in China during the 3rd century B.C., also spread via the Silk Road, arriving first in Samarkand in around 700 A.D. It moved through the then-Islamic ports of Sicily and Spain, leading to significant industrial change in Europe as the written word became a key form of mass communication for the first time. |
| Persia's Royal Road was built by Darius I, circa 522 -486 BCE | The king built a 1,600 road that stretched from Sardis in the west to Susa in the east. He also introduced a common currency throughout the empire which revolutionized the economy. There were two main monetary denominations: the gold daric—named after the king himself—and the silver siglo or shekel. These coins resulted in a huge advance in how people could do business with one another throughout the vast Persian Empire. |
| The first known examples of paper currency are traced to the Chinese Song Dynasty (AD 960–1279). | To facilitate trade, promissory notes known as "Jiaozi"( (Chinese: 交子務) were issued, as a lighter weight alternative in exchange for coins, with a demand for a payment or exchange fee (Chinese: 紙墨費) per banknote. The “jiaozi,” was stamped with six different inks and multiple banknote seals to prevent counterfeiting. |
