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Financial Markets and Exchanges Law 3rd ed

Edited by: Michael Blair, George Walker, Stuart Willey

ISBN13: 9780198827528
Previous Edition ISBN: 9780199601653
Published: March 2021
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: £235.00



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This work is essential for banking and investment business legal practitioners, and provides an invaluable reference source on current on-exchange 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, and those changes are explored in the book. 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.

Subjects:
Banking and Finance
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, Mark Kalderon
PART II UK SECURITIES MARKETS
4. Recognized Investment Exchanges (RIEs) and Recognized Clearing Houses (RCHs), Bob Penn and Alex Forzani
5. The Listing, Prospectus, and Disclosure and Transparency Rules, Will Pearce and Jamie Corner
6. MiFID/MiFIR and the New Trading Architecture, Stuart Willey
7. Multilateral Trading Facilities (MTFs), Bob Penn and Nadia Pascal
8. Transaction Reporting, Saima Hanif
PART III UK DERIVATIVES, MONEY, AND DEBT MARKETS
9. London Stock Exchange: Regulation of the Main Market and Alternative Investment Market (AIM), Sean Schneider
10. UK Government Debt Management and the Gilt Market, Stuart Willey
11. UK Derivatives and Commodities Markets, Emma Dwyer
PART IV UK PAYMENT AND SETTLEMENT
12. UK Payment Systems, Jonathan Rogers
13. UK Settlement, Madeleine Yates
PART V NEW FINTECH IN FINANCIAL MARKETS AND INFRASTRUCTURE
14. Impact on Markets, Settlement, Custody, and Payment Systems, Joanna Perkins
15. Impact on Regulation of Financial Markets, Philip Treleaven and Sally Sfeir-Tate
PART VI EUROPEAN SECURITIES MARKETS SUPERVISION
16. The European System of Financial Supervision, Stuart Willey
17. Regulation of European Markets and Exchanges, Markus Kaempf and Peter Nobel
PART VII INTERNATIONAL SECURITIES, INCLUDING MARKETS AND CLEARING SYSTEMS
18. The Architecture of International Financial Regulation, Eva Hüpkes
19. International Settlement, Madeleine Yates
20. Global Custody, Madeleine Yates
21. Credit Rating Agencies, Charlotte Eborall
22. US Equity Market Structure, Edward L Pittman
23. Hong Kong Markets and Exchanges, Douglas W Arner and Berry FC Hsu
24. Islamic Securities Exchanges, Peter Casey