The transformation of Threadneedle Street : the deregulatio and reregulation of Britain's financial services /

Fishman (law, Pace Univ.) aptly describes changes that have taken place in the London financial markets. He begins with origins of the "Big Bang" that ended many of the outdated practices on the London Exchange, helping to make Threadneedle Street a far more receptive place for new (read foreign) securities firms operating in global markets. The author then devotes considerable space to the new regulatory framework that emerged from the passage of the Financial Securities Act. The discussion is thorough and reflects the author's legal background. These chapters offer one the opportunity to compare Britain's "self-regulatory system" with the regulatory framework of the US. The final two chapters discuss changes in the market structure of the securities and more broadly the financial services industry and offer some thoughts on the future of the regulatory framework. This book is very useful for undergraduate courses dealing with financial regulation. Economists will find the book short on discussion of the market forces shaping the changes that have swept Threadneedle Street and long on description of the regulatory process. Nevertheless, the information one gleans from reading this volume is useful to anyone interested in this field. Undergraduate through professional. W. S. Curran; Trinity College (CT)