› › Intermediation And Beyond

Intermediation and Beyond

Author : Louise Gullifer

Publisher : Bloomsbury Publishing

Page : 472 pages

File Size : 28,90 MB

Release : 2019-01-24

Category : Law

ISBN : 1509919910

Get eBook

Book Description

The global shift from the direct holding of securities by investors to the current intermediated holding system raises many important legal issues. These include the impact of the intermediated holding system on the rights of investors, and the enforcement of those rights against intermediaries and issuers. The cross-border nature of many holding patterns adds another layer of complexity to these issues, and reduces legal certainty. Against this, intermediation offers benefits for many investors, including the ability to hold a cross-border portfolio with one intermediary, a reduction in costs and the facilitation of the use of securities in the collateral, repo, and securities lending markets. This book covers a number of legal topics relating to intermediated securities including the history of intermediation, the benefits and problems in the current intermediated holding system, and how future legal and technological developments could help to resolve these problems while retaining the benefits of intermediation. It also examines the possible impact of FinTech on this area, in particular the potential for Blockchain to be used in the issuing, holding and settlement of securities, the extent to which this will solve some of the difficulties that currently exist, and whether the use of Blockchain will create new difficulties that will need to be overcome. This book, which originated in a series of workshops organised by the Commercial Law Centre at Harris Manchester College, Oxford, will appeal to those interested in financial and corporate law, including academics, practitioners, policy makers and students.



Intermediated Securities

Author : Louise Gullifer

Publisher : Bloomsbury Publishing

Page : 215 pages

File Size : 21,39 MB

Release : 2010-06-17

Category : Law

ISBN : 1847318010

Get eBook

Book Description

Globally, there has been a shift from securities being held directly by an investor, to a situation in which many securities are held via an intermediary. The existence of one or more intermediaries between the investor and the issuer has a potentially significant impact on the rights of the investor, the role and obligations of the issuer, and on the position and responsibilities of the intermediary. However, different jurisdictions have dealt with the issues arising from intermediation in a variety of ways. In the UK, for example, the concept of a trust is used to explain the different rights and obligations which arise in this scenario, whereas in the US the issues have been addressed by legislation, in the form of UCC Article 8. This variety is problematic, given that it is possible for an investor to hold securities in a number of different jurisdictions. A new UNIDROIT Convention on the issue of Intermediated Securities, the Geneva Securities Convention 2009, aims to create a common framework for dealing with these issues. This collection of essays explores the issues that arise when securities are held via an intermediary, and in particular assesses the solutions put forward by the new Convention on this issue. It will be essential reading for practitioners and academics.



Market Microstructure

Author : Daniel F. Spulber

Publisher : Cambridge University Press

Page : 412 pages

File Size : 19,89 MB

Release : 1999-04-13

Category : Business & Economics

ISBN : 9780521659789

Get eBook

Book Description

Professor Spulber demonstrates how the intermediation theory of the firm explains firm formation by showing why firms arise in a market equilibrium with costly transactions. In addition, the theory helps explain how markets work by.



Contemporary Financial Intermediation

Author : Stuart I. Greenbaum

Publisher : Academic Press

Page : 490 pages

File Size : 23,43 MB

Release : 2019-05-14

Category : Business & Economics

ISBN : 0124059341

Get eBook

Book Description

Contemporary Financial Intermediation, 4th Edition by Greenbaum, Thakor, and Boot continues to offer a distinctive approach to the study of financial markets and institutions by presenting an integrated portrait that puts information and economic reasoning at the core. Instead of primarily naming and describing markets, regulations, and institutions as is common, Contemporary Financial Intermediation explores the subtlety, plasticity and fragility of financial institutions and credit markets. In this new edition every chapter has been updated and pedagogical supplements have been enhanced. For the financial sector, the best preprofessional training explains the reasons why markets, institutions, and regulators evolve they do, why we suffer recurring financial crises occur and how we typically react to them. Our textbook demands more in terms of quantitative skills and analysis, but its ability to teach about the forces shaping the financial world is unmatched. Updates and expands a legacy title in a valuable field Holds a prominent position in a growing portfolio of finance textbooks Teaches tactics on how to recognize and forecast fluctuations in financial markets







Moving Beyond Modern Portfolio Theory

Author : Jon Lukomnik

Publisher : Routledge

Page : 175 pages

File Size : 39,18 MB

Release : 2021-04-29

Category : Business & Economics

ISBN : 100037615X

Get eBook

Book Description

Moving Beyond Modern Portfolio Theory: Investing That Matters tells the story of how Modern Portfolio Theory (MPT) revolutionized the investing world and the real economy, but is now showing its age. MPT has no mechanism to understand its impacts on the environmental, social and financial systems, nor any tools for investors to mitigate the havoc that systemic risks can wreck on their portfolios. It’s time for MPT to evolve. The authors propose a new imperative to improve finance’s ability to fulfil its twin main purposes: providing adequate returns to individuals and directing capital to where it is needed in the economy. They show how some of the largest investors in the world focus not on picking stocks, but on mitigating systemic risks, such as climate change and a lack of gender diversity, so as to improve the risk/return of the market as a whole, despite current theory saying that should be impossible. "Moving beyond MPT" recognizes the complex relations between investing and the systems on which capital markets rely, "Investing that matters" embraces MPT’s focus on diversification and risk adjusted return, but understands them in the context of the real economy and the total return needs of investors. Whether an investor, an MBA student, a Finance Professor or a sustainability professional, Moving Beyond Modern Portfolio Theory: Investing That Matters is thought-provoking and relevant. Its bold critique shows how the real world already is moving beyond investing orthodoxy.



Intermediation and Representation in Latin America

Author : Gisela Zaremberg

Publisher : Springer

Page : 223 pages

File Size : 50,31 MB

Release : 2017-03-06

Category : Political Science

ISBN : 3319515381

Get eBook

Book Description

This book shows how the introduction of intermediation is relevant in studying political and public policy processes, as they are increasingly accompanied by grey spaces in public and non-public arenas that cannot be categorized as purely representative or purely participative. Instead, ‘hybrid’ mechanisms are developing in the policy-making process, which bring in new actors who either are unelected while being required to represent or advocate for the common good of others or are directly elected but challenged by identity/rights-based issues of the people they are required to act in the best interest of. By proposing a conceptual frame on intermediation and addressing five different Latin American countries and a wide range of case studies —from human rights, labour relations, neighbourhood management, municipal bureaucracies, social accountability, to complex national systems of citizen participation—this volume shows the versatility and validity of a tridimensional frame, the “cube of political intermediation” (CPI) as a tool for analysing public policy and understanding contemporary democratic innovation in Latin America.



The History of Labour Intermediation

Author : Sigrid Wadauer

Publisher : Berghahn Books

Page : 444 pages

File Size : 37,62 MB

Release : 2015-04-01

Category : History

ISBN : 1782385517

Get eBook

Book Description

Searching for a job has been an everyday affair in both modern and past societies, and employment a concern for both individuals and institutions. The case studies in this volume investigate job search and placement practices in European countries, Australia, and India in the nineteenth and twentieth centuries. The contributors explore how looking for work becomes a means by which participants (individuals, placement agents, trade unions, municipalities, administrations, state authorities, and schools) articulated specific interests, perspectives, and agendas. Taking an exploratory approach, the chapters illustrate different approaches to the history of employment and job searching, ranging from organizational and regulatory histories to the analysis of practices and autobiographical accounts. In the process, they uncover the interrelations of search practices and attempts to arrange placement services.



Gatekeepers of Growth

Author : Sylvia Maxfield

Publisher : Princeton University Press

Page : 198 pages

File Size : 15,10 MB

Release : 1998-07-13

Category : Business & Economics

ISBN : 1400822289

Get eBook

Book Description

Central banks can shape economic growth, affect income distribution, influence a country's foreign relations, and determine the extent of its democracy. While there is considerable literature on the political economy of central banking in OECD countries, this is the first book-length study focused on central banking in emerging market countries. Surveying the dramatic worldwide trend toward increased central bank independence in the 1990s, the book argues that global forces must be at work. These forces, the book contends, center on the character of international financial intermediation. Going beyond an explanation of central bank independence, Sylvia Maxfield posits a general framework for analyzing the impact of different types of international capital flows on the politics of economic policymaking in developing countries. The book suggests that central bank independence in emerging market countries does not spring from law but rather from politics. As long as politicians value them, central banks will enjoy independence. Central banks are most likely to be independent in developing countries when politicians desire international creditworthiness. Historical analyses of central banks in Brazil, Mexico, South Korea, and Thailand, and quantitative analyses of a larger sample of developing countries corroborate this investor signaling explanation of broad trends in central bank status.