This introductory guide is intended for anyone coming into contact with the City's financial markets and institutions, either as part of their studies or as part of their professional training. This edition has been expanded to include CREST (the new Stock Exchange settlement system to replace the failed TAURUS project), aspects of electronic banking and transfer of funds (EPOS, for example), the new City Disputes Panel and the SAROs (especially the PIA). The coverage of derivatives and futures has been updated to reflect changes since publication of the last edition.