The book takes a logical approach, beginning with a diagnosis detailing the problems of existing markets before delivering a prognosis for the future of e-markets. Young examines the consequences for the whole micro to macro spectrum, right from the individual broker and trader to exchanges, governments and entire nations. He contends that e-trading is creating a more level playing field, evidenced by the emergence of day trading. Despite his obvious enthusiasm, however, he does address the problems of electronic trading such as the issues of transparency and order manipulation.

With its descriptions of the personalities and antics of those involved, Capital Market Revolution has a novel-like appeal, and quotes from industry gurus create the semblance of an ongoing dialogue. Interspersed with anecdotal trading floor stories, Chapter 4 is particularly amusing and insightful.

In addition to those with financial and technical backgrounds, this book will appeal to anyone interested in the dynamics of change. Technophiles will feast upon it; technophobes will find it a highly disturbing experience. --Neelam Dongha

Synopsis
The birth of the capital market revolution is difficult to locate precisely, but for many traders the first signs of change surfaced in German bond futures. Open outcry had survived every innovation in history, but time had finally caught up with it. The revolution had begun. Today, a whole industry is shifting from the physical world to the virtual, and no one person or party's place in the trading chain is now assured. After the capital market revolution there will be no floor, no fixed exchange and nowhere to hide from the rallying cries of e-markets: liquidity! accessibility! transparency!

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