Property Rights in Investment Securities and the Doctrine of Specificity

Overview

The swift developments within the financial markets over the last 20-30 years conflict with traditional property law structures and have caused a great degree of legal uncertainty. This book evaluates the requirement for specificity as a criterion for property rights in securities evidenced by electronic entries made on securities accounts. Three principal questions are examined: i) reuse of financial collateral and the problems arising from the collateral-taker’s right to reuse the collateral; ii) ...

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Overview

The swift developments within the financial markets over the last 20-30 years conflict with traditional property law structures and have caused a great degree of legal uncertainty. This book evaluates the requirement for specificity as a criterion for property rights in securities evidenced by electronic entries made on securities accounts. Three principal questions are examined: i) reuse of financial collateral and the problems arising from the collateral-taker’s right to reuse the collateral; ii) characterisation of repos; and iii) the question of property rights in securities that are unallocated in relation to their entitlement holders. The analysis is made from the perspective of specificity and the requirement that the object of a property right must be identified. English, US and Swedish law are compared with the aim of finding viable solutions to the identified problems.

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Product Details

  • ISBN-13: 9783642099434
  • Publisher: Springer Berlin Heidelberg
  • Publication date: 11/19/2010
  • Edition description: Softcover reprint of hardcover 1st ed. 2009
  • Edition number: 1
  • Pages: 220
  • Product dimensions: 0.50 (w) x 9.21 (h) x 6.14 (d)

Meet the Author

Erica Johansson is a partner in Delphi’s Banking and Finance Group. She has extensive experience in advising leading financial institutions on derivatives and structured finance transactions, including advising on credit, equity, FX, index linked and OTC derivatives, hedging aspects of securitisation and project finance transactions and derivatives transactions with pension funds. Erica Johansson also advises clients on cash CDOs, securitisations, structured notes, repos, repackagings, securities lending and margining arrangements, restructurings and banking and finance matters generally. Prior to joining Delphi, she worked with derivatives and structured finance at two major international law firms in London. She is a leading expert in the area of intermediated securities and has also acted as a legal consultant to the World Bank.

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Table of Contents

The New Order.- Developments of the Securities Markets.- The Use of Collateral in the Securities Markets.- Property Rights in Securities and the Doctrine of Specificity under English Law.- Property Rights in Securities and the Doctrine of Specificity under Swedish Law.- Property Rights in Securities and the Doctrine of Specificity under US Law.- Securities as Property.- Property Rights in Securities and the Doctrine of Specificity: A Comparative Analysis with an Outlook De Lege Ferenda.

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