The increasing internationalization of the world's capital markets, evident in the past decade, has generated pressing economic, social & legal issues. Study & reform of these markets have become necessary in view of their changing nature & the growth of the transactions being conducted on them, as is recognised by market professionals, investors & regulators. Law may provide a framework in which market forces can operate, & parameters of fair behaviour. This new Yearbook offers a forum for debate & comment on such developments under the auspices of the recently formed Capital Markets Forum of the IBA's Section on Business Law (established as a private sector initiative). The Yearbook comprises Articles & Commentary on significant developments (for example, Volume 1 contains articles on 'What is an exchange?', 'The efficient market hypothesis', 'National treatment, harmonization & mutual recognition'), a Year-in-Review section, special reports on seminars & other events of note, a Literature section containing a bibliography & book reviews. Source materials are included when appropriate, & the subject index makes the Yearbook a very accessible source of information.United Nations Centre on Transnational Corporations Staff is the author of 'Bilateral Investment Treaties' with ISBN 9781853331060 and ISBN 1853331066.