Overview

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: 1. what happens in clearing and settlement, and the roles of (and risks assumed by) the various participants in the post-trade marketplace 2. the law applicable to infrastructures, how they are are regulated, and the other topographical features of their legal landscape 3. the legal and practical aspects of risk management and operations of infrastructures 4. 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. This title is included in Bloomsbury Professional's Banking and Finance online service.

Full Product Details

Author:   Mr Dermot Turing
Publisher:   Bloomsbury Publishing PLC
Imprint:   Bloomsbury Professional
Edition:   3rd edition
Weight:   1.346kg
ISBN:  

9781526514967

ISBN 10:   1526514966
Pages:   752
Publication Date:   12 February 2021
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   Manufactured on demand  
We will order this item for you from a manufactured on demand supplier.

Table of Contents

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

Reviews

This sort of book is exactly what practitioners need to find orientation among the tsunami of regulatory developments -- Markus Heidinger, Wolf Theiss, Vienna * Journal of International Banking Law and Regulation, (Review of 2nd Ed) * 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, Chief Executive Officer of Unifortune and former chief policy advisor of the European Commission's Clearance and Settlement Advisory and Monitoring Expert Group * Foreword to the 1st Edition *

Author Information

Dermot Turing is a solicitor and former partner of lawfirm Clifford Chance, where he advised on payments, clearing and settlement for many years. He served as an independent member of the European Post Trade Forum during 2016-2017. He is now a Visiting Fellow at Kellogg College, Oxford University and contributes frequently to the academic analysis of clearing and settlement. He is also a writer, speaker and a trustee of the Turing Trust. For more information visit www.dermotturing.com

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