Welcome to Waters: Power

Letter from the publisher

And yet, this reality has practically been flipped on its head. Today's trading floors are shrinking and traders in their 20s and early 30s are enjoying their first taste of unemployment. Algorithms and black boxes have replaced red-faced traders and your young broker is probably more familiar with quantitative math and networking tools than designer duds and limousines. Chasing dollars requires skills beyond an MBA.

Likewise, firms are turning their attention to the back office. Not only does

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