The legal structure and regulation of securities lending (Pt 1)

Ali, Paul, Ramsay, Ian and Saunders, Benjamin 2014, The legal structure and regulation of securities lending (Pt 1), Journal of international banking law and regulation, no. 8, pp. 480-489.

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Title The legal structure and regulation of securities lending (Pt 1)
Author(s) Ali, Paul
Ramsay, Ian
Saunders, BenjaminORCID iD for Saunders, Benjamin
Journal name Journal of international banking law and regulation
Issue number 8
Start page 480
End page 489
Total pages 10
Publisher Sweet and Maxwell
Place of publication Hebden Bridge, Eng.
Publication date 2014
ISSN 1742-6812
Keyword(s) Australia
securities law and regulation
short selling
Summary Securities lending is the temporary transfer of securities(mainly shares) from one party to another. At theconclusion of the loan, the borrower is required to deliverequivalent securities to the lender. Securities lending isan important and growing part of global market activity.While it is said to perform valid and useful functions suchas increasing market liquidity, many—particularly duringthe global financial crisis—have expressed concerns thatit also leads to market instability. Concerns with securitieslending have focused primarily on its role in facilitatingshort selling. During the global financial crisis, marketsand regulators were concerned about the potentialdestabilising effect of short selling on financial markets.1Regulators across the globe took action to ban naked andcovered short selling.This article undertakes a comprehensive examinationof the legal structure of securities loans in Australia. Itexamines securities lending in Australia and other majorfinancial markets, namely Europe, the United Kingdomand United States. This article examines the Australian and international industry standard form contracts. It alsoconsiders the current regulatory environment for securitieslending in Australia.
Language eng
Field of Research 180109 Corporations and Associations Law
1801 Law
Socio Economic Objective 940406 Legal Processes
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2014, Thomson Reuters (Professional) UK, Journal of International Banking Law & regulation
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