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But Imagine if you compensated them huge expenses only to find they simply copied the FTSE 100 index? They are called 'closet trackers' and it is believed you can find not less than 84 of these on offer, according to the City watchdog. 19 responses
The system of commodity money sooner or later developed right into a procedure of consultant money.[citation essential] This occurred because gold and silver merchants or financial institutions would problem receipts to their depositors – redeemable for your commodity money deposited. Inevitably, these receipts turned generally acknowledged as a means of payment and have been utilised as money. Paper money or banknotes have been 1st used in China throughout the Song dynasty. These banknotes, called "jiaozi", evolved from promissory notes that were made use of since the seventh century. Even so, they did not displace commodity money, and have been utilised alongside cash. In the thirteenth century, paper money grew to become regarded in Europe throughout the accounts of travelers, such as Marco Polo and William of Rubruck.