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Recent legal, commercial and technological changes are fundamentally altering the operation of exchanges for the trading of stocks, bonds, futures and other financial instruments. Major problems concerning regulation, security and enforceability of contract have arisen, and the central position of exchanges in the world's investment industries is now open to question.
This work examines the issues responsible for this unprecedented state of flux. Drawing on the experience of a team of expert contributors it explains the nature of these recent changes, their implications for the practitioner, and how they are likely to affect this area of high value transactional work.