Clearing and Settlement

2. Revised Auflage 2016
ISBN: 978-1-78451-069-5
Verlag: Bloomsbury Publishing PLC

Buch, Englisch, 688 Seiten, Hardback, Format (B × H): 161 mm x 254 mm, Gewicht: 1274 g

Clearing and Settlement (originally titled: Clearing and Settlement in Europe), Second Edition comprehensively explains, both in theory and practice, the complexities of the law and regulation surrounding the processes of clearing and settlement.

Clearing and Settlement:

1. Describes what happens in clearing and settlement, and the roles of (and risks assumed by) the various participants in the post-trade marketplace.
2. Explores the law applicable to infrastructures, how they are regulated, and considers the other topographical features of their legal landscape.
3. Examines the legal and practical aspects of risk management and operations of infrastructures.
4. Looks at 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.

New legislation includes:

· CSD (Central Security Depositories) Regulation and level 2 measures
· MiFID 2/MiFIR and level 2 measures
· EMIR and level 2 measures
· Banking Act 2009 revisions
· Bank Recovery and Resolution Directive
· Revised Part VII Companies Act 1989
· New Part XVIII of FSMA and Recognition Requirements Regulations
· Financial Services Act 2012

In addition to the coverage of the legislature, there are numerous diagrams and commonly encountered practical problems are discussed, eg 'client clearing', tax, regulatory capital and protective insolvency legislation. Risk and legal issues arising in clearing and settlement operations, eg liquidity, outsourcing, corporate actions and securities lending are also covered.

Autoren/Hrsg.

Turing, Mr Dermot

Turing, Dermot

Fachgebiete

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

Inhaltsverzeichnis

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

Über Autor(innen)

Turing, Dermot
Dermot Turing is a partner at Clifford Chance LLP specialising in bank and investment firm regulation. He has a vibrant practice advising on clearing and settlement of securities and derivatives transactions, and the associated changing legal environment. He joined Clifford Chance in 1990 after a spell in the Government Legal Service. When not puzzling over EU directives, Dermot is a keen if unsuccessful cook and gardener, and enjoys history and opera. He became a trustee of Bletchley Park in 2012, allowing him a practical outlet to his interest in World War II codebreaking. He is married with two adult sons.

Dermot Turing is a consultant with the financial regulation group at Clifford Chance in London.

He specialises in bank and investment firm regulation including regulatory capital, licensing, conduct of business rules, bank / investment firm structure, counterparty risk management, netting, collateral, financial institution insolvency, clearing and settlement and international surveys.