Acknowledgements
This book owes a great deal to the late Paul Roth, a very brilliant man who had the uncommon ability to explain complex ideas in a simple way. We all miss him. My thanks to Sam Whittaker at John Wiley who commissioned the first edition and to Sir George Mathewson who somehow found the time to read the original manuscript. Jonathan Shaw’s kind remarks about the first edition and suggestions that a new version would be valuable started me off on this second edition. I am also grateful to Neil Schofield who commented on the new chapter on credit markets, and to Pete Baker and Aimee Dibbens for keeping me on track. Finally, I would like to thank all of those I have worked with over the years in the financial markets, too numerous to mention individually, who have given their time and patience to help improve my understanding of the industry. It is a competitive business but I have experienced a lot of kindness and support along the way.

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