Financial Market Infrastructures Law and Regulation

by Binder, Jens-Hinrich; Saguato, Paolo

• ISBN13: 9780198865858
• ISBN10: 0198865856
• Format: Hardcover
• Copyright: 2022-03-27
• Publisher: Oxford University Press

Summary

Modern financial systems rely on robust infrastructures to support efficient and resilient markets. Trading venues, clearinghouses, securities depositories, and trade repositories are the building blocks of the financial market architecture. Financial market infrastructures (FMIs) have been central in the post-crisis reform of global and domestic financial markets, with lawmakers closely regulating FMIs in the aftermath of the financial crisis.

This book systematically analyses the current regulatory landscape of FMIs, specifically in the areas of trading and post-trading services in financial instruments. The legal regime for FMIs is complex due to the many relevant regulations and implementing measures. The comprehensive and cross-border approach of this book, covering both the EU and the US regimes, supports lawyers in understanding the law relevant to each step of a securities and financial transaction. The dual perspective taken in the book, covering both transactional and institutional aspects, deepens that understanding further.

The volume is organized in three main parts introduced by a general discussion on the economic and legal evolution of FMIs. Parts I and II address trading and post-trading infrastructures and services in the securities and derivatives markets. Part III explains contemporary issues and challenges observable across a wide range of activities in both trading and post-trading services.

Financial Market Infrastructures fills a void in the literature on FMIs, providing a comprehensive source of reference to the legal and regulatory framework. Trading venues and post-trading services in financial instruments are critical for the modern financial markets, and their economic and systemic relevance is fully analysed in this new work creating a valuable reference source for legal practitioners and scholars working in financial regulation.

Author Biography

Jens-Hinrich Binder, Professor of Law, University of Tübingen,Paolo Saguato, Assistant Professor of Law, George Mason University

Jens-Hinrich Binder is Professor of Law at the University of Tübingen where he is Chair in Private, Commercial, Company and Securities Law.

Paolo Saguato is an Assistant Professor of Law at Antonin Scalia Law School, George Mason University specializing in financial regulation.

Table of Contents

Introduction
1. Financial Market Infrastructures: Why Should We Care?, Jens-Hinrich Binder and Paolo Saguato
2. Looking for New Lenses: How Regulation Should Cope with the Financial Market Infrastructures Evolution, Carmine di Noia and Luca Filippa
3. A Systemic Assessment of the FMI landscape: FMI Groups and Their Implications, Chryssa Papathanassiou
4. Financial Market Infrastructures: The International Approach and the Current Challenges, Paolo Saguato, Guido Ferrarini, Eric Pan
5. Blockchain and the Future of Financial Market Infrastructures, Ruediger Veil
Part I: Trading Infrastructures
6. Securities and Derivatives Exchanges in the EU, Michele Siri and Matteo Gargantini
7. Securities and Derivatives Exchanges in the United States, Onnig H. Dombalagian
8. Alternative Trading Platforms in the EU: Multilateral Trading Facilities, Organised Trading Facilities, and Systemic Internalizes, Danny Busch and Han Gulyas
9. Alternative Trading Platforms in the United States: Incentives for Innovation in the US Stock Market, Gabriel Rauterberg
Part II: Post-Trading Infrastructures
10. Securities and Derivatives Central Counterparties in the EU: Regulatory Framework, Segregation, and Portability, Victor de Serière and Bas Zebregs
11. Securities and Derivatives Central Counterparties in the United States, Paolo Saguato
12. Central Counterparties Insolvency and Resolution in the EU, Jens-Hinrich Binder
13. Central Counterparties Insolvency and Resolution in the United States: Managing a Clearinghouse Failure, David Skeel
14. Central Securities Depositories in the EU: The Roles and Risks of European Central Securities Depositories, Eilis Ferran and Eleanore Hickman
15. Central Securities Depositories and Participant Default in the EU, Dermot Turing
16. Central Securities Depositories in the United States: Market Structure and Regulatory Framework - USA, Sam Wice
17. Intermediated Securities: The European Perspective, Louise Gulliver and Jennifer Payne
18. Intermediated Securities: The US Perspective - An Essay on Pluralism in Financial Market Infrastructure Design and the Case of Securities Holding in the United States, Charles Mooney
19. Transatlantic Crossings: The Case of Securities and Derivatives, Matthias Haentjens
20. Client Clearing in the EU: Challenges and Policy Responses in OTC Derivatives Client Clearing, Jo Braithwaite and David Murphy
21. Swaps Client Clearing in the United States: Ten Years After Dodd-Frank - The Good, the Bad and the Maybe, Nihal S. Patel
22. Data Reporting in the EU: Market Structures and Regulatory Framework, Christian Schmies and Alexander Sajnovits
23. Data Reporting in the United States: Challenges and Opportunities in US Swap Data Reporting, Richard Berner, Robin Doyle, and Kenneth Lamar