Clearing and Settlement (2ed)

'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 in Europe:
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.

Table Of Contents

PART I: PROCESSES
Chapter 1: Introduction to Clearing and Settlement
Chapter 2: What Happens in Clearing and Settlement
Chapter 3: Trading
Chapter 4: Post-trade Support Services
Chapter 5: Cash
Chapter 6: Securities
PART II: REGULATION
Chapter 7: International Regulatory Standards
Chapter 8: Regulation of Infrastructures in the United Kingdom
Chapter 9: Legal Form and Governance of Infrastructures
Chapter 10: The Clearing Imperative
Chapter 11: Competition Law
Chapter 12: Prudential Regulation of Agent Banks
PART III: RISK AND OPERATIONS
Chapter 13: Insolvency
Chapter 14: Failure and Rehabilitation of Infrastructures
Chapter 15: Interoperability
Chapter 16: Risk Management in Payment Systems
Chapter 17: Risk Management at CCPs
Chapter 18: Risk Management at CSDs
Chapter 19: Risk Management at the Agent Bank
Chapter 20: Dividends, Corporate Actions and Voting Rights
Chapter 21: Securities Lending
Chapter 22: Tax