The New Capital Market Revolution The Winners, the Losers, and the Future of Finance

The capital markets can be defined as any organized market - or indeed private exchanges - where capital funds (debt and equity/shares) are traded in order to raise capital - cash - for the issuer or holder of the shares or debt. This also includes the multi-trillion dollar commodity business and bond and stock trading. Essentially, any market where various counterparties are brought together to conduct business. When Capital Market Revolution was first published in 1999 it crystallized the impetus and objectives of digital tra ding in the capital markets, which at that stage was still in its infancy. As the financial world got to grips with the reality of the digital one, the author told the story of the origins of the new reality of digital trading which was at that time threatening to change the face of international finance beyond all recognition. Now three turbulent years on, the story is brought up to date. Patrick Young analyzes what the key developments mean in 2002.