Intermediation and beyond / edited by Louise Gullifer and Jennifer Payne.

Format:

Book

Contributor:

Gullifer, Louise, editor.

Payne, Jennifer, 1970- editor.

Language:

English

Subjects (All):

Securities.

Intermediation (Finance)--Law and legislation.

Intermediation (Finance).

Physical Description:

1 online resource (zlviii, 419 pages) : illustrations

Edition:

1st ed.

Distribution:

[London, England] : Bloomsbury Publishing, 2020.

Place of Publication:

Oxford, UK : Hart Publishing, 2020.

Summary:

"The global shift from securities being held directly by an investor to many securities being held via an intermediary raises important legal issues, including the impact on the rights of investors and the enforcement of those rights against intermediaries and issuers. The cross-border nature of such issues adds another layer of complexity and reduces legal certainty. Against this, intermediation offers benefits for many investors including a reduction in costs and the facilitation of the use of securities in the collateral, repo and securities lending markets.This book will cover a number of topics relating to intermediated securities including the history of intermediation, the benefits and problems in the current system of intermediated securities 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, the extent to which this will solve some of the difficulties that currently exist, and whether it will create new difficulties that will need to be overcome.This important statement on the question of intermediation will appeal to corporate law academics, practitioners and to students of corporate law"-- Provided by publisher.

Contents:

Introduction / Louise Gullifer and Jennifer Payne

Historical introduction : the growth of intermediation and development of legal analysis of intermediated securities / Guy Morton

The legal nature of intermediated securities : an insurmountable obstacle to legal certainty? / Victoria Dixon

Why are securities held in intermediated form? / Christopher Twemlow

Intermediated securities : the long haul to a modern, comprehensive legal structure / Roy Goode

Are warranties in an immobilised bearer note enforceable? / Raymond Cox

Enforcing debt securities / Richard Salter

Two consequences of the intermediated holding of debt securities : examining discharge of debt and set-off / Louise Gullifer

Intermediation and bondholder schemes of arrangement / Jennifer Payne

Investment chains and corporate governance / Paul Davies

Stewardship and collateral : the advantages and disadvantages of the no look through system / Joanna Benjamin and Louise Gullifer

Intermediated securities from the perspective of investors : problems, quick fixes and long-term solutions / Eva Micheler

European harmonisation of intermediated securities law : dispossession and segregation in regulatory and private law / Matthias Haentjens

Conflict of laws and relational rights / Philipp Paech

Intermediated securities holding systems revisited : a view through the prism of transparency / Thomas Keijser and Charles W Mooney, Jr

Intermediated securities and distributed ledger technology / Sarah Green and Ferdisha Snagg

Conclusion / Louise Gullifer and Jennifer Payne.

Notes:

"This book is the product of a series of workshops organised via the Commercial Law Centre at Harris Manchester College, Oxford, over an eighteen month period from September 2016."--Preface.

Includes bibliographical references and index.

ISBN:

9781509919918 (electronic book)

9781509919925

1509919929

9781509919918

1509919910

OCLC:

1139742073