Intermediation and Beyond

Intermediation and Beyond

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Description

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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Product details

  • Hardback | 472 pages
  • 156 x 234 x 35.56mm | 848g
  • Hart Publishing
  • Oxford, United Kingdom
  • English
  • 1509919902
  • 9781509919901
  • 977,985

Table of contents

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 QC
7. Enforcing Debt Securities
Richard Salter QC
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
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About Louise Gullifer

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