In the preface to the first edition of this book published in 1994, we wrote that the prior 30 years had been a time of profound, indeed revolutionary, change in the financial markets and institutions of the world. The hallmarks of that change were innovation, globalization, and deregulation. Since 1994, those forces have actually gathered more strength, and the financial landscape continues to undergo large and visible changes around the globe. The discipline that we know as finance has attracted the talents and energies of people from around the world.