Clearing and Settlement

ISBN-13: 9781784510695 / Angielski / Twarda / 2016 / 688 str.

UK) Oxford University Dermot Turing (Kellogg College

Opis

This second edition comprehensively explains, both in theory and practice, the complexities of the law and regulation surrounding the processes of clearing and settlement. Contents include: clearing and settlement and the roles of (and risks assumed by) the various participants in the post-trade marketplace; how the law is applicable to infrastructures, how they are regulated, and the other topographical features of their legal landscape; the legal and practical aspects of risk management and operations of infrastructures; and the risks faced by participants in payment, clearing and settlement systems-the agent banks-along with practical and operational issues which they face in their roles. In addition to the coverage of the legislature, commonly encountered practical problems are discussed, including 'client clearing, ' regulatory capital, and protective insolvency legislation. Risk and legal issues arising in clearing and settlement operations (liquidity, outsourcing, corporate actions, and securities lending) are also covered. The following new topics are included in the second edition: the clearing obligation in practice, especially as regards transactions involving non-EU parties; indirect clearing; and recovery and resolution of CCPs (central counterparties). Subject: Financial Law, Commercial Law, Banking Law

Spis treści

A. Brexit Part I – Processes 1. Introduction to Clearing and Settlement 2. What happens in Clearing and Settlement 3. Trading 4. Post-trade support services 5. Cash 6. Securities Part II – Regulation 7. International regulatory standards 8. Regulation of infrastructures in the United Kingdom 9. Legal form and governance of infrastructures 10. The Clearing Imperative 11. Competition 12. Prudential regulation of agent banks Part III – Risk and operations 13. Insolvency 14. Failure and rehabilitation of infrastructures 15. Interoperability 16. Risk management in payment systems 17. Risk management at CCPs 18. Risk management at CSDs 19. Risk management at the agent bank 20. Dividends, corporate actions and voting rights 21. Securities lending 22. Tax