The next ten years will bring major change to the world of banking, securities trading and finance. Influenced by the key converging factors of the Internet, the euro, the Y2K Problem, same-day-settlement, and electronic trading networks, the future will find us in a world with one-third fewer banks and one-third fewer stock exchanges. The vast majority of trades in listed securities will occur on private networks. Y2K will force the failure and consolidation of as many as 20% of small to medium size financial services companies, including small brokers, money managers, hedge funds and investment advisors. Foreign exchange revenues will dry up for banks trading in Euroland, and an onslaught of competitors will arrive there from our side of the Atlantic.