The recent changes in equity, derivatives and commodity exchanges are opening opportunities for exchanges, investment banks and capital markets generally. Despite the market capitalization of companies listed on exchanges running into trillions of dollars worldwide, there is no mainstream book using extensive research to address the major issues facing the whole industry. This book by an expert insider, fills this gap with a comprehensive review of history and evolution, new technologies and the future of exchanges.

Historical Background
Nature of Capital Markets: Primary & Secondary
Trading Instruments
Trading Systems
Trading Cycle
Fragmentation, Internationalisation, Liquidity, Accessibility, Transparency, Efficiency
How We Got Here
The Internet
Telecommunications
Technology Services
Best Execution
Where Next ?
Gaps and Problems in Exchanges
Who Needs Stock Exchanges?
Structural Trends
Integration and Consolidation
New Products and Services
Efficiencies: Who is Best
Costs
Clearing and Settlement
Opportunities
Evolution
Legal Framework
Regulatory Bodies
Self-Regulation
Regulatory Arbitrage
International Co-operation
Hurdles
The Shape of Things to Come

HEMENDRA ARAN has substantial experience in Business Process Outsourcing and now specializes in cost-effective outsourcing of high-end research. In his eight years of experience he has sold and executed outsourcing projects of varied complexity in many industries. He worked with Infosys Technologies Limited and provided consultancy to Goldman Sachs, Reebok, and Thomson Consumer Electronics. In an individual capacity he consulted Air Products and ensured the successful rollout of systems in five European countries in the short duration of 4 months. He is currently writing a book on Outsourcing Industry and has published one on Stock Exchange Industry worldwide. He holds an MBA from London Business School and a BE in Civil Engineering from Indian Institute of Technology (IIT), Madras and has attended Entrepreneurship courses at Hass School of Business, University of California, Berkley. Hemendra brings valuable experience of complex outsourcing, remote project management and process reengineering in addition to his exceptional leadership skills and entrepreneurial talent.

ALPESH B. PATEL is an international bestselling author of several books and a professional investor. He is a Financial Times Columnist and Bloomberg Television's Award Winning Internet and Online trading specialist and co-presenter of, '@Bloomberg' and 'Bloomberg Money'. He was the author of one of the Independent Newspaper and Amazon's Top 10 business books of 1999. He is also Visiting Fellow in Business at Corpus Christi College, Oxford University.