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Financial Markets and Exchanges Law, 3rd Edition

Financial Markets and Exchanges Law, 3rd Edition

Author: Michael Blair QC; George Walker; Stuart Willey
Publisher: Oxford University Press
ISBN: 9780198827528
Published In: March 2021
Format: Hardback , 744 pages
Jurisdiction: Asia, European Union, International, U.K., U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Contents
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This work is essential for banking and investment business legal practitioners, and provides an invaluable reference source on current on-exchange and off-exchange market trading and regulatory issues, in the banking, investment, and derivatives fields.

The book provides a comprehensive and authoritative analysis on the regulation of financial markets and market infrastructure. It focuses on stock markets and exchanges, associated trading, clearing, and settlement, and on payment systems, set in their historical and current contexts. The new edition includes updated content in light of all of the recent changes announced to the UK system of financial regulation, and has been expanded to provide a wider international reach including coverage of relevant EU, US, and Asian markets. The book examines financial derivatives and the regulation of other specific markets including equity and debt, both on-exchange and off-exchange from UK, European, and international perspectives. It also includes associated topics, such as global custody and credit rating.

Since the first edition published in 2007 and following the financial crisis, there have been major changes made, or proposed, to financial regulatory regimes at national, regional, and international levels. In the UK and the EU generally the implementation of MiFID has had a significant impact on the shape and structure of the markets, and those changes are explored in the book. Institutional revision within the EU, including the creation of five new agencies in the banking and financial areas, and the allied developments on payments and electronic money are covered.

The book examines regional developments alongside domestic measures, including the changes to the FSA Handbook (particularly on Listing, Prospectuses, and Disclosure), the proposals under the Financial Services Bill, and parallel revisions under the Dodd Frank Act in the US. The publication of this second edition is particularly timely due to new emphasis on the systematically important elements of market infrastructure in European regulation, and the general shift of policy making initiatives from the member states to the central institutions of the EU.
PART I FINANCIAL MARKETS
1. Financial Markets and Exchanges, George Walker
2. Exchange Review, Regulation, and Evolution, George Walker
3. UK Central Banking and Financial Stability, Mark Kalderon
PART II UK SECURITIES MARKETS
4. Recognized Investment Exchanges (RIEs) and Recognized Clearing Houses (RCHs), Bob Penn and Alex Forzani
5. The Listing, Prospectus, and Disclosure and Transparency Rules, Will Pearce and Jamie Corner
6. MiFID/MiFIR and the New Trading Architecture, Stuart Willey
7. Multilateral Trading Facilities (MTFs), Bob Penn and Nadia Pascal
8. Transaction Reporting, Saima Hanif
PART III UK DERIVATIVES, MONEY, AND DEBT MARKETS
9. London Stock Exchange: Regulation of the Main Market and Alternative Investment Market (AIM), Sean Schneider
10. UK Government Debt Management and the Gilt Market, Stuart Willey
11. UK Derivatives and Commodities Markets, Emma Dwyer
PART IV UK PAYMENT AND SETTLEMENT
12. UK Payment Systems, Jonathan Rogers
13. UK Settlement, Madeleine Yates
PART V NEW FINTECH IN FINANCIAL MARKETS AND INFRASTRUCTURE
14. Impact on Markets, Settlement, Custody, and Payment Systems, Joanna Perkins
15. Impact on Regulation of Financial Markets, Philip Treleaven and Sally Sfeir-Tate
PART VI EUROPEAN SECURITIES MARKETS SUPERVISION
16. The European System of Financial Supervision, Stuart Willey
17. Regulation of European Markets and Exchanges, Markus Kaempf and Peter Nobel
PART VII INTERNATIONAL SECURITIES, INCLUDING MARKETS AND CLEARING SYSTEMS
18. The Architecture of International Financial Regulation, Eva Hüpkes
19. International Settlement, Madeleine Yates
20. Global Custody, Madeleine Yates
21. Credit Rating Agencies, Charlotte Eborall
22. US Equity Market Structure, Edward L Pittman
23. Hong Kong Markets and Exchanges, Douglas W Arner and Berry FC Hsu
24. Islamic Securities Exchanges, Peter Casey
Edited by Michael Blair QC, 3 Verulam Buildings, Gray's Inn, London, George Walker, School of Law, Queen Mary, University of London, and Stuart Willey, White & Case LLP

Michael Blair QC is in independent practice at the Bar of England and Wales specialising in financial services. Previously General Counsel to the Board of the Financial Services Authority. Queen's Counsel honoris causa 1996.

George Walker is Professor in International Financial Law at School of Law, Queen Mary University of London and is a member of the Centre for Commercial Law Studies (CCLS). He is also a Barrister and Member of the Honourable Society of Inner Temple in London.

Stuart Willey is Counsel and Head of the Regulatory Practice in the Banking & Capital Markets group of White & Case in London. Stuart specializes in financial regulation focusing on the securities markets, banking and insurance.

Contributors:
Guy Morton, Partner, Freshfields Bruckhaus Deringer LLP, London
Andrew Marsh, Practice Development Lawyer, Freshfields Bruckhaus Deringer LLP, London
Bob Penn, Partner, Allen & Overy LLP, London
Will Pearce, Partner, Herbert Smith LLP, London
Antonia Kirkby, Senior Professional Support Lawyer, Herbert Smith LLP, London
David Lawes, Senior Analyst, Australian Prudential Regulation Authority, Australia
Joanna Gray, Professor of Financial Regulation, Newcastle Law School, Newcastle University
Sarah Ellis, Policy Analyst/Deputy Press Officer, UK Debt Management Office (DMO) - an Executive Agency of Her Majesty's Treasury
Edward Murray, Partner, Allen & Overy LLP
Laura John, 3 Verulam Buildings, Gray's Inn, London
Madeleine Yates, Solicitor, Clifford Chance LLP, London
Markus Kaempf, Lecturer, University of St. Gallen, Institute of European and International Business Law; Attorney-at-Law, Nobel & Hug Zurich
Peter Nobel, Professor of Swiss and International Commercial and Business Law, University of Zurich; Professor (em.) of Private, Trade and Commercial Law, University of St. Gallen; Attorney-at-Law, Nobel & Hug Zurich
David Toube, Counsel, Cleary Gottlieb Steen & Hamilton LLP, London
Eva H. G. Hüpkes, Adviser on Regulatory Policy and Cooperation, Financial Stability Board
Charlote Eborall, 3 Verulam Buildings, Gray's Inn, London
Edward L. Pittman, Dechert LLP
Douglas Arner, Professor, Head, Department of Law, University of Hong Kong
Dr Amr Marar, Associate, Latham & Watkins, Riyadh
Dato' Dr Nik Norzrul Thani, Chairman and Senior Partner, Zaid Ibrahim & Co., Kuala Lumpur
Lily Adelina, Senior Associate, Zaid Ibrahim & Co., Kuala Lumpur