Interests in securities: a proprietary law analysis of the international securities markets
Gespeichert in:
1. Verfasser: | |
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Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Oxford [u.a.]
Oxford Univ. Press
2000
|
Ausgabe: | 1. publ. |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | XLIV, 348 S. |
ISBN: | 0198269927 |
Internformat
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Datensatz im Suchindex
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adam_text | CONTENTS—SUMMARY
Preface xvii
Acknowledgements xix
Abbreviations xxi
Glossary xxiii
Table of Cases xxvii
Table ofLegislation xxxv
I OVERVIEW
1. INTRODUCTION TO SECURITIES, INTERESTS IN
SECURITIES, THE SECURITIES MARKETS AND
SETTLEMENT 3
2. THE LEGAL NATURE OF SECURITIES AND INTERESTS IN
SECURITIES 31
II DELIVERIES
3. TRANSFERS 63
4. SECURITIES COLLATERAL 79
5. SECURITY INTERESTS 97
6. OUTRIGHT COLLATERAL TRANSFERS 119
7. THE CONFLICT OF LAWS AND SECURITIES
COLLATERAL 147
8. COLLATERALISING CLEARING EXPOSURES 171
III INFRASTRUCTURE PRODUCTS AND SERVICES
9. INTERNATIONAL AND UK SECURITIES SETTLEMENT 189
10. GLOBAL CUSTODY, PRIME BROKERAGE AND STRAIGHT
THROUGH PROCESSING 223
vii
f ¦
Contents—Summary
IV REPACKAGED PRODUCTS
11. DEPOSITARY RECEIPTS AND MANAGED FUNDS 251 I
; i
12. COLLATERALISED BOND OBLIGATIONS AND RELATED t
STRUCTURES 279 ;.|
V CONCLUSIONS
13. PROPERTY RIGHTS IN INTERESTS IN SECURITIES 303
14. CONCLUSIONS 321 ;
Index 333 •
viii ]¦
CONTENTS
Preface xvii
Acknowledgements xix
Abbreviations xxj
Glossary xxiii
Table of Cases xxvii
Table ofLegislation xxxv
I OVERVIEW
1. Introduction to Securities, Interests in Securities, the Securities
Markets and Settlement
A. The Distinction Between Securities and Interests in Securities 1.01
(1) Securities 1.02
(2) Interests in Securities 1.04
B. The Uses of (Interests in) Securities 1.06
(1) For the Issuer 1.07
(2) For the Holder 1.11
C. The Securities Markets 1.17
(1) The Primary and Secondary Markets 1.18
(2) Public Offers, Private Placements, Auctions of Sovereign
Debt 1.21
(3) Domestic and International Issues 1.23
(4) Programmes 1.24
(5) Listing and OTC Dealing 1.26
(6) Debt Securities and Equities 1.30
D. Introduction to Settlement 1.65
(1) What is Settlement? 1.67
(2) Electronic Setdement 1.69
(3) The Legal Significance of Settling a Trade 1.72
(4) The Contrast Between Trading and Clearing 1.74
(5) Distinctions Between Setdement Systems 1.77
E. Interests in Securities 1.104
ix
1
Contents ;
2. The Legal Nature of Securities and Interests in Securities
A. The Legal Nature of Securities 2.02
(1) Key Distinctions 2.03
(2) Bearer and Registered Securities 2.04
(3) Tangible and Intangible Securities 2.09
(4) Divided and Undivided Securities 2.12
(5) Fungible and Non Fungible Securities 2.18
B. The Legal Nature of Interests in Securities 2.21
(1) Intangible Assets 2.22
(2) Indirect Interests 2.33
(3) Unallocated Interests 2.72
(4) Bearer or Registered? 2.91
II DELIVERIES
3. Transfers
A. Introduction 3.01
B. Techniques of Transfer 3.04
(1) Novation 3.05
(2) Assignment 3.08
(3) Negotiation 3.21
(4) Transfers of Interests in Securities 3.27
C. Formalities of Transfer: the Requirement for Paper 3.36
D. Security of Transfer 3.42
(1) Insolvency Displacement 3.43
(2) Issuer s Claims 3.49
(3) Third Party Claims 3.51
(4) Interests in Securities and Security of Transfer 3.61
4. Securities Collateral
A. Overview 4.02
(1) Importance of Collateral 4.06
(2) (Interests in) Securities as Collateral 4.07
(3) Settlement Systems 4.09
(4) Legal Risk and Reform 4.10
B. Two Categories 4.11
(1) Security Interests 4.12
(2) Outright Collateral Transfers 4.13
(3) The Alternatives 4.14
C. Steps in Taking Collateral 4.18
x • ¦
Contents
(1) Formation of Collateral Contract 4.19
(2) Interest in the Collateral Assets 4.26
D. Collateral and Electronic Settlement 4.57
(1) Computerisation and Unavailability of Pledge 4.58
(2) Intermediation and Multiple Security Interests 4.59
(3) Commingled Client Accounts and Cross Subsidisation 4.61
(4) Collateralisation of Settlement Exposures and Netting 4.63
5. Security Interests
A. Types of Security Interest 5.02
(1) Pledge 5.03
(2) Mortgage 5.07
(3) Charge 5.16
(4) Lien 5.24
B. Registration Requirements 5.27
(1) Publicity 5.28
(2) Companies Act 1985, section 395 5.30
(3) Reluctance to Register 5.33
(4) Registrable Security Interests 5.35
C. Rehypothecation of Collateral 5.46
(1) Restriction on Rehypothecation under Security Interests 5.50
(2) The Equitable Rules 5.51
(3) Once a Mortgage, Always a Mortgage, and the Equity of
Redemption 5.54
(4) Collateral Advantage 5.55
(5) Techniques for Managing the Rules 5.57
(6) Policy Considerations 5.61
(7) Conclusions 5.66
6. Outright Collateral Transfers
A. Overview 6.01
B. Outright Transfer 6.06
C. Contractual Redelivery of Equivalent Securities 6.07
D. The Benefits and Burdens of Ownership 6.09
E. Credit Risk 6.10
F. Master Agreements 6.14
G. Marking to Market 6.18
H. Netting 6.20
I. Set Off 6.23
(1) Nature 6.25
(2) Insolvency Set Off 6.26
xi
Contents
(3) Cherry Picking 6.37 I
(4) Interveners 6.38 1
J. Recharacterisation Risk 6.39 j
(1) Disadvantages of Recharacterisation 6.45 I
(2) Recharacterisation under English Domestic Law 6.53 j
(3) Conflict of Laws 6.57 1
(4) Litigation Risk 6.69
K. Transaction Types 6.70
(1) Repos 6.71
(2) Securities Lending 6.80
(3) Swaps 6.89 i
L. Pros and Cons of Outright Collateral Transfers 6.94 I
7. The Conflict of Laws and Securities Collateral
A. Background 7.01
(1) Cross Border Nature of the Securities Markets 7.04
(2) Role and Nature of Conflict of Laws 7.06
B. The Lex Situs Rule 7.13
(1) Applicability of the Rule 7.18
(2) Identifying the Situs of Interests in Securities 7.29
C. Insolvency 7.53
(1) Property Rights and Insolvency 7.53
(2) Insolvency Jurisdiction 7.55
(3) Applicable Law 7.56
D. Steps in Taking Collateral 7.59
E. Conflict of Laws and Insolvency Set Off 7.69
(1) English Law 7.70
(2) Foreign Law 7.71
E Conclusions 7.72
8. Collateralising Clearing Exposures
A. Clearing 8.01
(1) LCH 8.05
(2) Credit Exposures 8.08
B. Contractual Arrangements 8.12
(1) Principal Trading 8.13
(2) Members of LCH 8.14
(3) Novation 8.15
C. Collateral 8.16
(1) Calculation of Margin Requirement 8.17
(2) Delivery of Margin Cover by Member 8.23
¦ i
Xll 1
Contents
III INFRASTRUCTURE PRODUCTS AND SERVICES
9. International and UK Securities Settlement
A. Managing Risk in Securities Settlement 9,03
(1) Counterparty Credit Risk: Loss of Countervalue 9.04
(2) Counterparty Credit Risk: Loss of Bargain 9.17
(3) Late Deliveries 9.21
(4) Bad Deliveries 9.24
(5) Systemic Risk 9.28
(6) Managing Risk in European Settlement 9.31
B. Securities Settlement in the United Kingdom 9.46
(1) Introduction to CREST 9.47
(2) Collateral in CREST 9.62
(3) Developments 9.70
10. Global Custody, Prime Brokerage.and Straight Through
Processing
A. Global Custody 10.01
(1) The Service 10.03
(2) Legal Status of the Custodian 10.13
(3) Risk for the Client 10.23
(4) Risk for the Global Custodian 10.37
(5) Conclusions 10.45
B. Prime Brokerage 10.49
(1) Hedge Funds and Gearing 10.50
(2) Prime Brokerage 10.51
(3) Floating Charge 10.54
(4) Rehypothecation 10.57
C. Straight Through Processing 10.60
(1) Intermediation 10.61
(2) Automation 10.64
(3) Floating Charges 10.68
(4) Bad Transactions 10.69
(5) Credit Risk 10.78
(6) Agency 10.79
(7) Conclusions 10.86
xiii
Contents I
IV REPACKAGED PRODUCTS {
!
11. Depositary Receipts and Managed Funds |
A. Overview 11.03 f
B. Depositary Receipts 11.05 j
(1) Fundamental Structure 11.06
(2) Markets 11.10
(3) Governing Law and Situs 11.13 I
(4) Property Rights 11.15 j
C. Managed Funds 11.40 j
(1) Collective Investment Schemes 11.45
(2) The Parties 11.48
(3) Legal Structures 11.53 i
(4) Comparison of Repackaging Structures 11.91 j
D. Conclusions 11.94 j
12. Collateralised Bond Obligations and Related Structures ;
A. Asset Swaps 12.02 j
B. Simple Repackaging 12.05 |
C. Complex Repackaging 12.12 ¦¦
(1) Structured Note Programmes 12.13
(2) Mixed Underlying Assets 12.16
D. Collateralised Bond Obligations 12.18
(1) History of Securitisation 12.25
(2) Features of CBOs 12.30
E. Transfer to SPV 12.39
(1) Techniques of Transfer 12.40
(2) True Sale 12.45
F. Security Interest 12.49
(1) Type of Security Interest 12.51
(2) Lex Situs 12.56
(3) Multiple Security Interests 12.59
G. Nature of the Interest of Noteholders in the Underlying Bonds 12.60
H. Likeness to Traditional Managed Funds 12.65
V CONCLUSIONS
13. Property Rights in Interests in Securities
A. Overview 13.02
xiv
Contents
B. Property Rights in Relation to Intangible Assets 13.05
(1) Real and Personal Actions 13.06
(2) Things Include Intangibles 13.08
(3) All Actions Concern Things 13.09
C. Intermediated Property Rights in Intangible Assets 13.10
D. Property Rights in Unallocated Intangible Assets 13.13
(1) Allocation Required for Property Rights in Tangible
Assets 13.17
(2) Whether Allocation Required for Property Rights in
Intangible Assets 13.20
E. Late Development of Property Rights in Obligations 13.23
(1) Practical Reasons 13.26
(2) Procedural Reasons 13.33
F. Physical Model 13.36
(1) Possessory Basis 13.38
(2) Rationalist Basis 13.42
(3) Critique of the Physical Model 13.54
(4) Cultural Context of the Physical Model 13.61
14. Conclusions
A. Interests in Securities 14.02
B. Trusts 14.28
C. Codification 14.35
D. Synthetic Arrangements 14.44
E. Property Rights 14.48
Index 333
xv
|
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spelling | Benjamin, Joanna Verfasser (DE-588)1133082424 aut Interests in securities a proprietary law analysis of the international securities markets Joanna Benjamin 1. publ. Oxford [u.a.] Oxford Univ. Press 2000 XLIV, 348 S. txt rdacontent n rdamedia nc rdacarrier Effectenhandel gtt Eigendomsrecht gtt Internationaal privaatrecht gtt Valeurs mobilières - Droit Securities Wertpapierrecht (DE-588)4065682-2 gnd rswk-swf Internationales Privatrecht (DE-588)4027446-9 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf Großbritannien (DE-588)4022153-2 gnd rswk-swf Großbritannien (DE-588)4022153-2 g Wertpapierrecht (DE-588)4065682-2 s Internationales Privatrecht (DE-588)4027446-9 s USA (DE-588)4078704-7 g DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009291574&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Benjamin, Joanna Interests in securities a proprietary law analysis of the international securities markets Effectenhandel gtt Eigendomsrecht gtt Internationaal privaatrecht gtt Valeurs mobilières - Droit Securities Wertpapierrecht (DE-588)4065682-2 gnd Internationales Privatrecht (DE-588)4027446-9 gnd |
subject_GND | (DE-588)4065682-2 (DE-588)4027446-9 (DE-588)4078704-7 (DE-588)4022153-2 |
title | Interests in securities a proprietary law analysis of the international securities markets |
title_auth | Interests in securities a proprietary law analysis of the international securities markets |
title_exact_search | Interests in securities a proprietary law analysis of the international securities markets |
title_full | Interests in securities a proprietary law analysis of the international securities markets Joanna Benjamin |
title_fullStr | Interests in securities a proprietary law analysis of the international securities markets Joanna Benjamin |
title_full_unstemmed | Interests in securities a proprietary law analysis of the international securities markets Joanna Benjamin |
title_short | Interests in securities |
title_sort | interests in securities a proprietary law analysis of the international securities markets |
title_sub | a proprietary law analysis of the international securities markets |
topic | Effectenhandel gtt Eigendomsrecht gtt Internationaal privaatrecht gtt Valeurs mobilières - Droit Securities Wertpapierrecht (DE-588)4065682-2 gnd Internationales Privatrecht (DE-588)4027446-9 gnd |
topic_facet | Effectenhandel Eigendomsrecht Internationaal privaatrecht Valeurs mobilières - Droit Securities Wertpapierrecht Internationales Privatrecht USA Großbritannien |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009291574&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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