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Electronic trading is not to be confused with online (internet) trading. This book tackles the concepts, technical architecture, recent developments and future trading opportunities in the new field of "direct access" electronic markets. It gives detailed description of the trading tools used by professional electronic traders as well as the types of deals they do: cross-border arbitrage, bond derivatives versus OTC swaps, numerous options strategies, generic derivatives strategies that mix different products and stock trading. Topics covered include new product formation, operational challenges, regulation, clearing and settlement, the internet and the prospects for development of a worldwide trading culture using electronic platforms. It aims to dig deep into what makes traders want to trade on these markets, how they trade and what problems they are likely to face.