Intermediation and Beyond

Erscheinungsjahr 2019
ISBN: 978-1-5099-1990-1
Verlag: Bloomsbury Publishing PLC

Buch, Englisch, 472 Seiten, Hardback, Format (B × H): 164 mm x 241 mm, Gewicht: 861 g

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.

Autoren/Hrsg.

Gullifer, Louise

Payne, Jennifer

Fachgebiete

• Rechtswissenschaften Ausländisches Recht Common Law (UK, USA, Australien u.a.)

Inhaltsverzeichnis

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

Über Autor(innen)

Payne, Jennifer
Jennifer Payne is Warden of Merton College and Professor of Corporate Finance Law, University of Oxford, UK.

Photo courtesy of Faculty of Law, University of Oxford.

Gullifer, Louise
Louise Gullifer is Rouse Ball Professor of English Law at the University of Cambridge, UK.

Photo by Robert Taylor

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