1. Expert Networks Outside experts payed to provide information and analysis. Can involve thousands of people. Used by investment managers, traders. Competition to journalists? Insider trading an issue. Regulation thin, especially in emerging markets.

2. Dark Pools Private exchanges for stocks, bonds, etc. Prices, size of trades not visible to public. Liquidity can be thin, prices can be manipulated (e.g., HFT). Not new, just more important now. Threat to market efficiency—not possible to see a public bid and ask. Used for large trades that could move market.

3. Hedge Funds Only for rich folks, in U.S., millionaires. Sophisticated, sometimes risky investment strategy. Most use leverage—borrow money to invest more. Fees are high—the “2 and 20” rule. Fees falling with competition. Often a source of scandal and failure.

4. Hedge Fund Strategies Long-short. Buy one, sell the other. Buy bonds, go short stocks. Market neutral. One goes up, other down, canceling each other out. Collect interest, dividends. Merger arbitrage. Go long the company being bought, short the buyer. Macro. Move money among asset classes to maximize return. Many other types.

5. High Frequency Trading Computer programs that buy and sell in nanoseconds. See a big order, buy before it goes through. Sell when it goes through, drives price up. Would be insider trading on paper, but legal now. Spoofing, other techniques can play hell with prices, markets.

6. Nonbank Banks Don’t take deposits or lend. Run credit-card, mortgage, lease financing, other financial services. Big companies like Alibaba involved in China. In U.S., General Electric just sold its division. Not regulated as tightly as banks. Risk tends to congregate here.

7. Private Equity Stock and debt issued by private companies, not exchange listed. Big PE firms dominate market. Different types: vulture firms, tech firms, geographic firms. Private equity companies and “authorized” individuals are investors. Goal is often to take company public.

8. Islamic Finance Sharia law: Charging interest no. Sharing in profit/loss, yes. Selling stock allowed. “Sukuk” bonds are lease-back arrangements that are basically bonds. Sukuk market becoming more important. Complicated, but necessary, way to do business in Islamic world.