The investment banking market has experienced dramatic changes since 2008. Three of the top five investment banks in the United States have disappeared, while Goldman Sachs and Morgan Stanley have converted to commercial banking charter. The bankruptcy of Lehman Brothers has also brought about unprecedented quantitative easing in monetary policies in many countries. Recent financial regulation overhaul and SEC's investigation of Goldman Sachs and other firms will have significant impact on what investment banks do and how they operate those activities. The Volker rule will shake up trading desks. Goldman Sachs, Morgan Stanly, JP Morgan, Deutsche Bank, and Credit Swiss have planned to reshuffle proprietary trading. Therefore, the investment banking market is very different today. A new edition reflective of the current business environment is needed to better serve a large population interested in investment banking business. New materials in the third edition will include: Updates of market statistics, market practices, and regulations. Those are significantly different today, especially in BRIC markets. Rewrite of the current market structure, changes brought about by the bankruptcy of Lehman Brothers and the subsequent regulatory and government policy changes. Addition of shift in listing of securities in various financial centers. Some of the foreign issuers now prefer not to list their securities in New York, because of the stringent requirements imposed by the Sarbanes Oxley Act. Discussions will include how major exchanges compete for the business. Alliance and globalization of the exchanges will be covered as well. Expanded coverage on proprietary trading and prime brokerage. Proprietary trading is volatile, but can be highly profitable. Goldman Sachs is an example of successful proprietary trading. Prime brokerage provides stable fee income. Major houses are competitive in this business. New chapters on BRIC. Brazil, Russia, India, and China have become a large force in world economy. They now accounted for a quarter of the global economy. Those markets present tremendous, potentially profitable opportunities to investment banks. Deletion of dated materials and chapters. The proposed Table of Contents has consolidated certain materials and deleted two chapters.