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|This work is essential for banking and investment business legal practitioners and provides an invaluable reference source on current on and off-exchange market trading and regulatory issues, in the banking, investment and derivatives fields.|
The book provides a comprehensive and authoritative analysis on the regulation of financial markets and market infrastructure. It focuses on stock markets and exchanges, associated trading, clearing, and settlement, and on payment systems, set in their historical and current contexts. The new edition includes updated content in light of all of the recent changes announced to the UK system of financial regulation, and has been expanded to provide a wider international reach including coverage of relevant EU, US and Asian markets. The book examines financial derivatives and the regulation of other specific markets including equity and debt, both on-exchange and off-exchange from UK, European and International perspectives. It also includes associated topics, such as global custody and credit rating.
Since the first edition published in 2007 and following the financial crisis, there have been major changes made, or proposed, to financial regulatory regimes at national, regional and international levels. In the UK and the EU generally the implementation of MiFID has had a significant impact on the shape and structure of the markets. Those changes have been reflected in the work. Institutional revision within the EU, including the creation of five new agencies in the banking and financial areas, and the allied developments on payments and electronic money are covered.
The book examines regional developments alongside domestic measures including the changes to the FSA Handbook (particularly on Listing, Prospectuses and Disclosure), the proposals under the Financial Services Bill, and parallel revisions under the Dodd Frank Act in the US. The publication of this second edition is particularly timely due to new emphasis on the systematically important elements of market infrastructure in European regulation, and the general shift of policy making initiatives from the member states to the central institutions of the EU.
The leading book on the regulation of markets and exchanges
Addresses the developments in financial systems at domestic, regional and international level including coverage of financial stability
In-depth treatment of the practical workings of different markets including key rules on collateral, settlement and default
Written by leading specialists from private practice and the regulators including contributors from the US, Asia and continental Europe
Detailed examination of the impact of MiFID on the shape and structure of the markets
Coverage of the Payment Services Directive and Consumer Credit Directive
Expansion of material on securitization, dematerialization of assets and asset custody
New chapters on listing and disclosure rules, Multilaterial Trading Systems, transaction reporting, UK debt management, credit rating agencies, US securities and markets, and Asian markets and exchanges