Subjects:

Banking and Finance

Contents:

PART I: OVERVIEW

1 Introduction to Securities, Interests in Securities, the Securities Markets and Settlement

2 The Legal Nature of Securities and Interests in Securities

PART II: DELIVERIES

3 Transfers

4 Securities Collateral

5 Security Interests

6 Outright Collateral Transfers

7 The Conflict of Laws and Securities Collateral

8 Collateralizing Clearing Exposures

PART III: INFRASTRUCTURE PRODUCTS AND SERVICES

9 International and UK Securities Settlement

10 Global Custody, Prime Brokerage and Straight Through Processing

PART IV: REPACKAGED PRODUCTS

11 Depositary Receipts and Managed Funds

12. Collateralized Bond Obligations and Related Structures

PART V: CONCLUSIONS

13. Property Rights in Interests in Securities

14. The Development of Interests in Securities

This book provides a uniquely clear and accessible analysis of the legal aspects of the international markets in securities (such as shares and bonds). It considers the legal implications of the computerisation and globalisation of these markets, and in particular the impact of the use of custodians, depositaries and other intermediaries by investors and collateral takers holding interests in securities.

In the light of this analysis, the book goes on to consider a range of both traditional and innovative services and products in the international securities markets. These include a range of collateralisation techniques (including secured lending, repurchase agreements, securities lending and derivatives collateral) custody, settlement and repackaged securities (including managed funds and collateralised bond obligations).

The position under both domestic and private international law is considered. The book is written in plain language so as to be accessible to the relative newcomer to the field, and to market professionals as well as lawyers. However, it is also sufficiently detailed to provide a valuable source of reference and analysis for experienced practitioners engaged in m