I had the pleasure of reading the draft of this book. This book is a well researched, filled with institutional details, statistics, and anecdotes. The authors actually partook the electronic revolution of the trading business, and are able to analyze the transition from "pits to bits" from different angles. They also offer insights about the future of the stock and derivative exchanges. The authors are great story tellers and the book is fun to read. Highly recommended for traders, regulators, and also researchers who are interested in market microstructure, financial market regulation and industrial organization and dynamics.