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Contents
- Preliminary Material
- Main Text
- 1 Introduction
- 2 Financial Collateral, How It Is Held and Transferred
- Preliminary Material
- 2.1 Introduction
- 2.2 Securities
- 2.2.1 Introduction
- 2.05
- 2.06
- 2.2.1.1 Intermediation, Immobilization, and Dematerialization
- 2.2.1.2 Post-trade Process and Central Securities Depositories
- 2.2.1.3 Securities Transfer in a Collateral Transaction
- 2.2.1.4 Indirect Holding Structures in International Practice
- 2.2.1.5 Segregation as a Policy Goal
- 2.2.1.6 Private Law Segregation
- 2.2.2 European Union and United Kingdom
- 2.2.3 United States
- 2.2.1 Introduction
- 2.3 Cash and Credit Claims
- 3 Financial Collateral Transactions and their Standardization
- Preliminary Material
- 3.1 Introduction
- 3.2 Parties
- 3.3 Repos
- 3.4 Securities Lending
- 3.4.1 Structure of GMSLA
- 3.4.2 Modus Operandi of Securities Lending
- 3.4.3 Differences between Repo and Securities Lending?
- 3.5 Derivatives
- 3.5.1 Evolution of the ISDA CSAs
- 3.5.2 Modus Operandi of the Collateralization of Derivatives
- 3.5.2.1 What Is a Derivative?
- 3.5.2.2 Setting up a Collateralized Relationship
- 4 Private International Law
- Preliminary Material
- 4.1 Introduction
- 4.2 European Union and United Kingdom
- 4.2.1 Introduction
- 4.2.2 Non-Insolvency
- 4.2.3 Insolvency
- 4.3 United States
- 4.3.1 Introduction
- 4.3.2 Non-Insolvency
- 4.3.3 Insolvency
- 5 Formalities and Control
- Preliminary Material
- 5.1 Introduction
- 5.2 European Union and United Kingdom
- 5.2.1 The Ban on Formal Requirements
- 5.2.2 Implementation of the Ban
- 5.2.3 The Possession or Control Requirement
- 5.2.4 Practical Relevance of the Possession or Control Requirement
- 5.2.5 Private Equity Insurance Group/Swedbank
- 5.2.6 Interpretation of the Possession or Control Requirement across the EU
- 5.2.7 Interim Conclusion
- 5.3 United States
- 6 Security Interest and Right of Use
- 7 Title Transfer and Recharacterization
- Preliminary Material
- 7.1 Introduction
- 7.2 European Union
- 7.2.1 Types of Title Transfer Collateral Transactions
- 7.2.2 Risks Associated with Title Transfers
- 7.2.3 Recharacterization Risk: Common Law Perspective
- 7.2.3.1 Introduction
- 7.2.3.2 Recharacterization: External and Internal Routes
- 7.2.3.3 External Route: Sham Transactions
- 7.2.3.4 Internal Route: The Substance of the Transaction
- 7.2.4 Recharacterization Risk: Civil Law Perspective
- 7.2.5 Article 6 Collateral Directive and its Implementation
- 7.3 United States
- 8 Close-Out Netting and Safe Harbours
- Preliminary Material
- 8.1 Introduction
- 8.2 European Union: Safe Harbours
- 8.3 European Union: Close-Out Netting
- 8.4 Close-Out Netting and Bank Resolution
- 8.5 United States: Safe Harbours
- 9 Post-Crisis Regulatory Responses
- Preliminary Material
- 9.1 Introduction
- 9.2 EU and US Regulatory Responses to Derivatives
- 9.2.1 Global Reform Agenda
- 9.2.2 EMIR
- 9.2.3 Title VII of the Dodd-Frank Act
- 9.3 EU Regulatory Responses to Rehypothecation
- 9.4 US Regulatory Responses to Rehypothecation
- 9.5 EU and US Regulatory Responses to Investment Funds
- 10 Conclusions
- Further Material
