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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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