Clearing and Settlement

By: Dermot Turing
ISBN: 9781784510695

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About Clearing and Settlement

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,... Read more

About Clearing and Settlement

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.

Table of Contents

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

Publishing Details

Publication Date: 28 October 2016
ISBN: 9781784510695
Binding: Hardback
Edition: 2

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