PATRICK J. BROWN, the well known financial mathematician, has worked in stockbroking and the capital markets for over 35 years. He has previously worked at Datastream and was a director of ISMA in London for a number of years. He was involved in developing the original EFFAS bond indices and has written the official guide to their construction. He has been the chairman of the European Bond Commission and the convenor of the ISO 15022 financial message standard working group. He is also the author of the ISMA publication Bond Markets – Structures and Yield Calculations.