The integration of European financial markets : the regulation of monetary obligations

Bibliographic Details
Published:London [u.a.] : Routledge-Cavendish, 2011
Persons: Vardi, Noah -
Format: Book / Printed Book
Language:English
Edition:1. publ
Series:The University of Texas at Austin studies in foreign and transnational law
Studies in foreign and transnational law
Physical description:XXII, 182 S.
ISBN:9780415602631
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992 |a THE INTEGRATION OF EUROPEAN FINANCIAL MARKETS THE REGULATION OF MONETARY OBLIGATIONS NOAH VARDI R ROUTLEDGE-CAVENDISH TAYLOR & FRANCIS GROUP LONDON AND NEW YORK CONTENTS ACKNOWLEDGEMENTS X TABLE OF STATUTES AND CASES XI INTRODUCTION ' XX CHAPTER 1: THE ROOT OF TRANSACTIONS IN FINANCIAL MARKETS: MONETARY OBLIGATIONS 1 1. INTRODUCTION 1 2. MONEY 1 3. MEANS OF PAYMENT 7 4. FINANCIAL INSTRUMENTS 12 5. PROBLEMS OF LEGAL INTEGRATION OF EUROPEAN FINANCIAL MARKETS: A NEED FOR GENERAL RULES? 15 5.1. RECENT HISTORICAL DEVELOPMENTS IN THE LAW OF MONETARY OBLIGATIONS 16 5.2. HARMONISATION OF GENERAL RULES: DIRECTIVES, UNIDROIT PRINCIPLES AND PRINCIPLES OF EUROPEAN CONTRACT LAW 22 5.3. HARMONISATION OF RULES AS A RESULT OF FINANCIAL INSTRUMENTS GOVERNED BY TRANSNATIONAL COMMERCIAL LAW 26 CHAPTER 2: THE PROCESS OF INTEGRATION OF EUROPEAN FINANCIAL MARKETS 35 1. THE EUROPEAN ECONOMIC AND MONETARY UNION AND INTEGRATION OF MARKETS 35 2. THE FREE MOVEMENT OF CAPITAL 41 3. FINANCIAL MARKETS 43 3.1. THE MONEY MARKET 45 3.2. BOND MARKETS \ 49 3.3. EQUITY MARKETS 51 4. PAYMENTS: THE SINGLE EURO PAYMENT AREA AND THE DIRECTIVE ON PAYMENT SERVICES 52 CHAPTER 3: LEGAL INTEGRATION OF THE MARKETS AND HARMONISATION OF SUBSTANTIVE LAW: CLEARING AND SETTLEMENT OF SECURITIES AND PAYMENTS 58 1. PERSPECTIVES OF SUBSTANTIVE LAW: OPTIONS FOR HARMONISATION 58 VIII | CONTENTS 2. INTEGRATION OF THE MARKETS AND LEGAL BARRIERS 59 2.1. A PARADIGM: CROSS-BORDER CLEARING AND SETTLEMENT OF SECURITIES AND PAYMENTS 62 2.2. THE RELEVANCE OF CLEARING AND SETTLEMENT UNDER THE PERSPECTIVE OF MONETARY OBLIGATIONS 65 3. THE SETTLEMENT FINALITY DIRECTIVE 66 3.1. THE ROLE OF FINANCIAL LEX MERCATORIA IN SETTLEMENT 72 3.2. FUNDS TRANSFER IN THE UNITED STATES: ARTICLE 4A OF THE UNIFORM COMMERCIAL CODE 74 4. THE DIRECTIVE ON FINANCIAL COLLATERAL ARRANGEMENTS 80 4.1. IMPACT OF THE LEX MERCATORIA: MASTER AGREEMENTS , HARMONISED RULES AND MONETARY OBLIGATIONS 87 CHAPTER 
992 |a 4: PRIVATE INTERNATIONAL LAW PERSPECTIVE 92 1. DIFFERENT INSTRUMENTS OF LEGAL HARMONISATION: UNIFORM SUBSTANTIVE LAW AND PRIVATE INTERNATIONAL LAW 92 2. REMAINING SUBSTANTIVE LAW BARRIERS 93 2.1. BARRIERS TO COMPETITION AND THE TARGET2-SECURITIES PROJECT 96 2.2.' LEGAL CERTAINTY 101 3. THE PRIVATE INTERNATIONAL LAW APPROACH TO HARMONISATION: THE HAGUE CONVENTION ON SECURITIES 104 4. THE UNIDROIT CONVENTION ON SUBSTANTIVE RULES FOR INTERMEDIATED SECURITIES (THE GENEVA SECURITIES CONVENTION) ( 108 CHAPTER 5: TRANSFER OF MONETARY SOVEREIGNTY AND REGULATORY ISSUES 112 1. A REGULATORY PERSPECTIVE 112 1.1. THE TRANSFER OF MONETARY SOVEREIGNTY IN THE ECONOMIC AND MONETARY UNION 113 2. THE NEW REGULATORS 117 2.1. NEW REGULATORS, MONETARY POLICY AND IMPACT ON HARMONISATION OF THE RULES 122 2.2. NEW REGULATORS, SOFT LAW AND THE IMPACT ON MARKET REGULATION 125 3. THE PROBLEM OF REGULATION: RISKS AND OPTIONAL FORMS OF INTERVENTION 128 3.1. REGULATORY OPTIONS AND THE EU LEGISLATOR: HARMONISATION, REGULATORY COMPETITION AND THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE 130 3.2. RECIPROCITY AND THE PRINCIPLE OF THE MOST FAVOURED NATION 139 3.3. LEGAL SOURCES FOR MARKET OPERATIVENESS: AN OVERVIEW 140 CONTENTS | 3.4. A FURTHER REGULATORY DILEMMA: THE PUBLIC/PRIVATE DIVIDE 142 CHAPTER 6: SOFT LAW AND FINANCIAL LEX MERCATORIA 145 1. SOFT LAW: SUBJECTS, RULES, STATUS 145 2. EXAMPLES OF SOFT LAW: THE EUROPEAN CODE OF CONDUCT ON CLEARING AND SETTLEMENT , 151 3. EFFECTIVENESS AND EFFICIENCY OF SOFT LAW MECHANISM; LEGITIMATION OF PRIVATISED LAW-MAKING 153 4. INTERNATIONAL FINANCIAL STANDARDS APPLIED AS LEX MERCATORIA} 160 CONCLUDING REMARKS ' 167 BIBLIOGRAPHY 170 INDEX 180 
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