This book is the culmination of a five-year long research project, which was carried out initially at the Centre for Commercial Law Studies, Queen Mary, University of London, then at Harvard Law School and, at the final stages, during my sparse spare time as an attorney at the London office of Shearman and Sterling (London) LLP. The book encapsulates my fascination with the Internet and my interest in how the powers of electronic networks, information technology, advanced telecommunications and financial innovation are transforming national and international financial markets in Europe and elsewhere. It is also a book about international financial integration and cross-border trade in financial services and how the Internet can facilitate consumers' access to financial services and firms' access to markets across national borders.

Artificial legal and structural barriers to cross-border financial services seem so unreasonable when one realizes the human and economic cost of policies and actions which purport to eliminate physical barriers. At the time when we spend astronomical amounts of money to improve our communications and systems of transportation by air, land or sea – thus diminishing time and distance in the circulation of goods and services – at the same time we are keen to maintain (or at least we tolerate) artificial barriers which are no less effective than distance and rough terrain in disturbing trade in goods and services, particularly financial services.