Probably best used as an introductory text in a college course or as your first book on the subject. In the fast paced world of securities processing 1995 is ancient history. One section discusses the use of magnetic tapes to transfer data for comparing trades as an up-comming technology.

That being said, I found the book to be very well written, easy to read and understandable. There was a good amount of detailed information and all the acronyms and buzz words were explained as you went along.

This is not a book you are going to pick up and read in one go, rather a book that is going to help you understand the "ins and outs" of trades. If you find yourself surrounded by the finacial world and are needing to understand all the terms - this is definatly the master book.

A must on the list, for a look into the craft of US backoffice clearing and trade processing. What a gift if you are looking at trading with the US and or entering that market..