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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.
Table of Contents
Part I - Financial Markets 1. Financial Markets and Exchanges, George Walker 2. Exchange Review, Regulation and Evolution, George Walker 3. UK Central Banking and Financial Stability, Guy Morton and Andrew Marsh Part II - UK Securities Markets 4. Recognised Investment Exchanges (RIEs) and Recognised Clearing Houses (RCHs), Bob Penn 5. The Listing, Prospectus, Disclosure and Transparency Rules, Will Pearce and Antonia Kirkby 6. Multilateral Trading Systems (MTFs), Bob Penn 7. Transaction Reporting, David Lawes Part III - UK Money, Debt and Derivatives 8. London Money Markets: Legal and Regulatory Framework, Joanna Gray 9. UK Debt Management, Sarah Ellis 10. UK Derivatives and Commodities Markets, Ed Murray Part IV - UK Payment and Settlement 11. UK Payment Systems, Laura John 12. UK Settlement, Madeleine Yates Part V - European Markets and Exchanges 13. The European System of Financial Supervision, Stuart Willey 14. Regulation of European Markets and Exchanges, Peter Nobel and Markus Kaempf 15. European E-Commerce and E-Money, David Toube Part VI - International Markets and Exchanges 16. Architecture of International Financial Regulation, Eva Hupkes 17. International Settlement, Madeleine Yates 18. Global Custody, Madeleine Yates 19. Credit Rating Agencies, Charlotte Eborall 20. US Equity Market Structure, Edward Pittman 21. Hong Kong Markets and Exchanges, Douglas Arner 22. Islamic Securities Exchanges: Principles and International Developments, Amr Marar, Dr Dato Nik Norzrul Thani, Lily Adelina