Knowing that more and more buy-side traders are expanding beyond U.S. borders and dabbling in the international markets, we decided to create a special issue to help traders new to the international trading landscape get started. Obviously, there are hundreds of international markets and more news than we could possibly include in one issue, so we boiled it down to a few critical topics.

Before you can trade overseas, you have to figure out how to set up shop. Our cover story ("Trading Places," page 14) brings you strategies from several firms, some of which have established 24-hour trading desks in the U.S. and others that swear by the local-branch model. And if you're a small shop that doesn't have the resources to do either, you can always trade ADRs (see related article, page 10).

Of course, to trade in any new market, you'll need to be aware of the unique rules and regulations - and MiFID, the European Union's equivalent to Reg NMS, cannot be ignored (see related articles, beginning on page 29). If algorithmic trading is your specialty, you're probably wondering which global markets are best suited for algorithms. Take a look at "Algorithms Overseas" (page 25) to find out.

If you're considering trading abroad, you will no doubt trade on the London Stock Exchange or Tokyo Stock Exchange at some point, the second- and third-largest exchanges in the world. As a result, we've provided information on where these exchanges are headed, the technology they use and whether they are likely acquisition targets (page 21).

But many buy-side traders are more interested in the gains to be had in emerging markets, particularly those in Asia. For these traders, we've included an Asia primer, which boils down what every trader needs to know before entering the seven Asian markets (page 41). And for a special glimpse of how one agency broker operates in more-obscure markets, see our profile of Auerbach Grayson's David Grayson on page 43.

Of course, there is so much more. Even as Advanced Trading went to press, major global news made headlines: The NYSE announced it's bid for Euronext, which, if the deal goes through, will have huge ramifications for global trading. Both our columnists, Editor-at-Large Ivy Schmerken and Contributing Editor Larry Tabb, were able to provide some insight and opinions as the acquisition agreement was made public. For more on the implications of the proposed deal, see the next issue of Advanced Trading.

It's impossible to give you all the information you'll likely need to start trading internationally, but I hope this issue of AT provides a foundation to get you started. Gokouun o inorimasu!