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Financial Market Infrastructures: Law and Regulation

Edited by Jens-Hinrich Binder, Paolo Saguato

Abstract

Modern financial systems rely on robust infrastructures to support efficient and resilient markets. Trading venues, clearing houses, securities depositories, and trade repositories are the building blocks of the financial market architecture. Financial market infrastructures (FMIs) have been central in the post-crisis reform of global and domestic financial markets, and lawmakers have closely regulated FMIs in the aftermath of the financial crisis. This book systematically analyses the current regulatory landscape of FMIs across trading and post-trading in the securities and derivatives markets. The complexity of the legal regime for FMIs lies in the piecemeal approach used by lawmakers in regulating them: multiple regulations and an impressive number of implementing measures build the current apparatus of rules governing these firms and the services they provide. The book fills a void in the literature on FMIs, specifically trading venues and post-trading services in financial instruments. It seeks to promote an integrated understanding of FMIs that takes into account the issues and conflict inherent in the market structure and dynamics. By focusing on the legal and regulatory environment established in the European Union and the United States of America, the book addresses major and globally relevant jurisdictions, whose market structures and more critical market players have become ever more interlinked in recent years.

Bibliographic Information

Jens-Hinrich Binder, editor

Paolo Saguato, editor


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Contents