Capital Market Revolution

The Future of Markets in an Online World

Patrick Young, Thomas Theys

Publisher: Prentice Hall, 1999, 212 pages

ISBN: 0-273-64232-4

Keywords: Finance

Last modified: July 29, 2021, 8:34 a.m.

The birth of the Capital Market Revolution is difficult to date precisely, but for man traders the first signs of change surfaced in 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 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 emarkets:




  • Introduction: Nowhere to hide, nowhere to run
  • Prologue: Genesis of a revolution
  1. The Death of Open Outcry
    Information technology defeats the establishment
    • Why open outcry died
    • Crunch timefor brokers
    • The electronic alternative
    • What threatened LIFFE?
    • The view from America
  2. The New Reality
    Changing the food chain forever
    • New market solutions
    • New markets, new capital
    • Parallel lives
  3. Teaching Old Dogs New Tricks
    Why exchanges need to rethink their relationship with the outside world
    • A death in the club
    • The lawyer, the brewer, and the case of the very public offering
    • The new borderless perspective
    • The new merchant princes of capitalism
    • Regulators in revolt and at war
    • Trying the new model on the old
    • Vertical or horizontal integration?
  4. The Perils of Transition
    How the revolution can kill you
    • Plus ça change
    • Matif's brave new world
    • What Matif taught other markets
    • New-model market relations
    • Alles in Ordnung — or Alice in Winderland?
  5. New Management for the New Realty
    Where institutions  need to get it right
    • The new microbankers
    • The DPO threatens the exchange
    • Down but not out
    • The NewVas Pparadigm
    • Discounted broker — but not discount brokers
    • Surviving screens: a trader's primer
  6. Power to the People
    The staggering rise of the private individual
    • The Global Paradox hits financial markets
    • The hedge-fund phenomenon
    • New math, new risks: the foibles of avarice
    • New alternatives
    • Bottlenecks in the system
    • The remarkable rise of the private client
    • The amazing rise of the online broker
    • The wonders of Internet trading
    • A new blueprint for a new local
    • The e-local primer
    • The data revolution
  7. The New Meritocracy
    How the Capital Market Revolution impacts upon the world at large
    • The erosion of sovereignty
    • How to squander your advantage overnight
    • Farewell nation state
  8. The Microbanking Manifesto
    How small can be beautiful too
    • A premium on incompetence
    • Micropayment — the key to new banking
    • New currencies
    • Governments lose more power
    • The venture capital revolution
  9. Living With the Revolution
    How you can survive and profit in turbulent times
    • Survival skills for the revolution
    • The new markets
    • The job for me
  • Conclusion: Can global recession kill the cyber elite?
  • Epilogue: The shape of things to come
  • The revolutionary's lexicon
  • Further reading for revolutionaries


Capital Market Revolution

Reviewed by Roland Buresund

OK ***** (5 out of 10)

Last modified: May 21, 2007, 2:56 a.m.

Tries to describe the future of the capital markets. Interesting, but I can't judge it.


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