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Unlike other areas of financial services, the law of clearing and settlement is not harmonised or subject to all-embracing EU directives, which has allowed diverse national approaches to develop.
Overlaid on that are themes of EU policy, including stimulating competition, promoting systemic stability, and creating a single market in financial services. The themes do not work consistently towards the same objectives, creating a complex subject in which risks and rights are poorly understood.
This book aims to clarify and explain this increasingly important area for banks in a practical and accessible way. Contents includes: Structure of the clearing and settlement industry; Law of clearing and settlement; Risk management; Operations.