Intermediation and Beyond

Herausgeber: Gullifer, Louise; Payne, Jennifer

• Gebundenes Buch

Produktbeschreibung

The global shift from the direct holding of securities by investors to the current intermediated holding system raises many important legal issues. These include the impact of the intermediated holding system on the rights of investors, and the enforcement of those rights against intermediaries and issuers. The cross-border nature of many holding patterns adds another layer of complexity to these issues, and reduces legal certainty. Against this, intermediation offers benefits for many investors, including the ability to hold a cross-border portfolio with one intermediary, a reduction in costs and the facilitation of the use of securities in the collateral, repo, and securities lending markets. This book covers a number of legal topics relating to intermediated securities including the history of intermediation, the benefits and problems in the current intermediated holding system, and how future legal and technological developments could help to resolve these problems while retaining the benefits of intermediation. It also examines the possible impact of FinTech on this area, in particular the potential for Blockchain to be used in the issuing, holding and settlement of securities, the extent to which this will solve some of the difficulties that currently exist, and whether the use of Blockchain will create new difficulties that will need to be overcome. This book, which originated in a series of workshops organised by the Commercial Law Centre at Harris Manchester College, Oxford, will appeal to those interested in financial and corporate law, including academics, practitioners, policy makers and students.

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Produktdetails

• Verlag: Bloomsbury Academic
• Seitenzahl: 472
• Erscheinungstermin: 1. Mai 2019
• Englisch
• Abmessung: 241mm x 164mm x 38mm
• Gewicht: 861g
• ISBN-13: 9781509919901
• ISBN-10: 1509919902
• Artikelnr.: 53504437

Autorenporträt

Louise Gullifer is Professor of Commercial Law, University of Oxford. Jennifer Payne is Professor of Corporate Finance Law, University of Oxford.

Inhaltsangabe

SUMMARY CONTENTS 1. Introduction Louise Gullifer and Jennifer Payne 2.
Historical Introduction: Th e Growth of Intermediation and Development of
Legal Analysis of Intermediated Securities Guy Morton 3. The Legal Nature
of Intermediated Securities: An Insurmountable Obstacle to Legal Certainty?
Victoria Dixon 4. Why are Securities Held in Intermediated Form?
Christopher Twemlow 5. Intermediated Securities: The Long Haul to a Modern,
Comprehensive Legal Structure Roy Goode 6. Are Warranties in an Immobilised
Bearer Note Enforceable? Raymond Cox KC 7. Enforcing Debt Securities
Richard Salter KC 8. Two Consequences of the Intermediated Holding of Debt
Securities: Examining Discharge of Debt and Set-off Louise Gullifer 9.
Intermediation and Bondholder Schemes of Arrangement Jennifer Payne 10.
Investment Chains and Corporate Governance Paul Davies 11. Stewardship and
Collateral: The Advantages and Disadvantages of the No Look Through System
Joanna Benjamin and Louise Gullifer 12. Intermediated Securities from the
Perspective of Investors: Problems, Quick Fixes and Long-term Solutions
Eva Micheler 13. European Harmonisation of Intermediated Securities Law:
Dispossession and Segregation in Regulatory and Private Law Matthias
Haentjens 14. Conflict of Laws and Relational Rights Philipp Paech 15.
Intermediated Securities Holding Systems Revisited: A View Through the
Prism of Transparency Thomas Keijser and Charles W Mooney, Jr 16.
Intermediated Securities and Distributed Ledger Technology Sarah Green and
Ferdisha Snagg 17. Conclusion Louise Gullifer and Jennifer Payne