This book analyses the law and regulation relating to financial investments, their markets, payment and settlement systems, as well as the duties and liabilities of intermediaries, providing invaluable legal and practical guidance regarding legal risk and the protection of the investor. The book draws together all of the elements relating to the investment cycle. It is divided into three parts. Part I categorises the various financial instruments legally and examines their legal properties and legal risks, in particular proprietary protection or lack thereof, which investors face in the context of holding financial assets. It also addresses the investment principles that underpin the investment processes. Part II focuses on the process by which financial assets may be acquired and disposed of via the markets and the market infrastructure, including central counterparty (CCP) and clearing features as well as payment and settlement systems. It discusses the legal risks that investors face in the context of trading and settlement. The impact of the principles and risks, described in Parts I and II respectively, inform the scope of the duties, responsibilities and liabilities of the intermediaries that advise investors. Part III explores the role of these intermediaries, tying together the constituent components of the investment cycle from the investor’s point of view and considering the quality of investor protection, service, proprietary protection and regulatory supervision.