5 Transfer of Intermediated Securities and Legal Certainty

5.01 The purpose of this chapter is to analyse the rules on transfers of securities contemplated in the Geneva Securities Convention (GSC or ‘Convention’). The analysis will be carried out by reference to the shortcomings that the Convention was designed to address. It will be shown that, instead of perpetuating existing levels of intermediation by creating more harmonized rules on intermediated holdings, research should be carried out to determine whether a mechanism can be created that enables ultimate investors to hold securities directly. Further work on...