Readers reviews of The Capital Market Revolution
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This is a disappointing book because at heart Young still believes the market is best
left to the professional and institutional traders. His main concern is with how it will
impact on dealing desks where he has an obsession with the risk of spilt coffee and other
operator errors accidentally executing trades. He seems to ignore the idea that all
traders are responsible for their own actions and if they cant operate a keyboard then
they ought not to trade. P107 gives little confidence in the standard of some dealers if
Young is to convince us that these are real issues.
The book is really about the impact on the derivatives market, and his preference for
open outcry diminishes the value of his discussion of the capital market revolution. For
instance he just assumes that while all other facets of the industry will be threatened
that the market makers are somehow exempt from change. The heart of the real revolution is
with the private trader. When Young talks of Power to the People delivered by electronic
trading he means the CTA industry, not the private individual.
Much of the book deals with the recent history of change in European markets to
electronic trading. The last third drifts into poorly substantiated futurism. The key
feature of the capital market revolution is the rise of the private trader and that
changes the food chain forever. This book does not understand this and fights a rearguard
action to protect the vested interests which have for too long dominated market activity.
Interesting reading, but not particularly useful for private traders looking for
information on derivative markets.
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