The effects of technology on the financial sector are examined in this second in a series of annual volumes on the financial services industry from the Brookings Institution and the Wharton School at the University of Pennsylvania. The papers in this volume, as well as brief comments on the papers, are written by leading financial experts from the corporate, government, and academic communities. Future volumes will address other important issues affecting the financial services industry and thus continue to be a source of invaluable analysis and information for participants in the industry, financial regulators, policymakers, and everyone concerned with financial services. The Brookings-Wharton alliance represented here promises to be a major source of timely and insightful analyses of financial issues in the coming years." Richard Aspinwall, The Chase Manhattan Bank. Contents of this issue will include: •The future of stock exchanges by Maureen O"Hara, Cornell University, and Jonathan R. Macey, Cornell School of Law •The impact of the Internet on financial services by David Coleman, McKinsey & Company, James Marks, Deutsche Bank Securities, Inc., and Hal R. Varian, University of California, Berkeley •The effect on global financial structure by Frederic S. Mishkin, Columbia University, and Philip E. Strahan, Federal Reserve Bank of New York. •Year 2000 issues by John A. Meyer, EDS. •The impact of technology on firms and markets by Zvi Bodie, Boston University •Issues of privacy in the information age by Peter P. Swire, Ohio State University College of Law