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详细
The post-trading industry is one in which financial firms make money and one in which risk issues need careful management. Reliable payment, clearing and settlement structures are perceived to be essential to enable financial firms to withstand shocks. A great deal of the cost of trading and cross-border investment is attributed to the very complex process of clearing and settlement.
This book describes and explains:
- what happens in clearing and settlement, and the roles of (and risks assumed by) the various participants in the post-trade marketplace
- the law applicable to infrastructures, how they are are regulated, and the other topographical features of their legal landscape
- the legal and practical aspects of risk management and operations of infrastructures
- 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
Fully revised, updates for the 3rd edition include:
- implications and impact of Brexit
- CPMI and IOSCO paper on central counterparty default (CCP) management auctions
- cyber-security and the resilience of financial market infrastructures (FMIs) and the wider market ecosystem.
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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
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Dermot Turing is a Partner at Clifford Chance in the International Financial Services and Markets Group
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“This book is to be recommended to all who want to understand the working of the financial system and its likely evolution ahead of us.”
Alberto Giovannini, former chief policy advisor of the European Commission’s Clearance and Settlement Advisory Group