The trade lifecycle is at the heart of the operation of all investment institutions. Robert Baker’s book The Trade Lifecycle: Behind the Scenes of the Trading Process shed light on this important subject, which is often little understood even by those who depend on it. Robert presents a very clear, easy to read, yet comprehensive review starting with an introduction to financial products and the background of trading, progressing to advanced subjects like regulatory, legal, and compliance issues. I thoroughly recommend Robert’s book to everyone who needs a clear and comprehensive introduction to this subject including operations staff, risk managers, traders, regulators, and consultants