Clearing and Settlement in Europe

Dermot Turing

“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

Unlike other areas of financial services, the law of clearing and settlement is not harmonised or subject to all-embracing EU directives, which has allowed diverse national approaches to develop. Overlaid on that are themes of EU policy, including stimulating competition, promoting systemic stability, and creating a single market in financial services. The themes do not work consistently towards the same objectives, creating a complex subject in which risks and rights are poorly understood. This book aims to clarify and explain this increasingly important area for banks in a practical and accessible way.

Contents includes: Structure of the clearing and settlement industry; Law of clearing and settlement; Risk management; Operations.

Dermot Turing is a Partner at Clifford Chance in the International Financial Services and Markets Group

Contents

1 Introduction to Clearing and Settlement;
2 What happens in Clearing and Settlement;
3 Trading;
4 Post-trade support services;
5 Clearing of OTC Derivatives;
6 International regulation;
7 Competition Law;
8 Insolvency;
9 Cash;
10 Securities;
11 Regulation of Infrastructures under English law;
12 Legal form and governance of infrastructures;
13 Interoperability;
14 Risk Management at CCPs;
15 Risk Management at CSDs;
16 Risk Management in Payment Systems;
17 Insolvency of Infrastructures;
18 Risk Management at the Agent Bank;
19 Prudential Regulation;
20 Dividends, Corporate Actions and Voting Rights;
21 Securities lending;
22 Tax.

Bibliographic detail

ISBN: 978 1 78043 110 9
Publication Date: Sep-12
Format: Hardback
Availability: In print
List price: £155