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8 Harmonizing Insolvency Law for Intermediated Securities:

Charles Mooney, Guy Morton

From: Transnational Securities Law

Edited By: Thomas Keijser

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 14 July 2024

Bank resolution and insolvency — Special Resolution Regime (SSR) — Intermediated securities — Geneva Securities Convention — Insolvency set-off — Claims — Netting — Collateral agreement — Securities clearing system (SCS) — Securities settlement system (SSS)
8.01 Only time will tell whether and to what extent the Geneva Securities Convention (GSC or ‘Convention’) will prove to be successful. Success may be achieved through States’ widespread adoption of the text or by significant influence on reforms of domestic law, including European law, or both.1 But we already know that its impact on harmonization necessarily will be less than complete. The Convention’s text does not address the whole of the law affecting intermediated securities holding systems. Indeed, it does not even deal with all of the relevant private,...
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