Property Rights in Investment Securities and the Doctrine of Specificity

Property Rights in Investment Securities and the Doctrine of Specificity

by EricaJohansson (Author)

Synopsis

This book is, with some adjustments and additions, largely based on my PhD thesis on Property Rights in Investment Securities and the Doctrine of Speci?city, which I defended in London on 15 June 2007 with Professor Lars Gorton and Dr. Kern Alexander as examiners. The subject matter is the doctrine of speci?city and its non-conformity with the developments in the ?nancial markets. As this book shows, the requirement for speci?city in book-entry securities is closely linked to loss allocation. If we decided that the rights that the investor has against its intermediary shall be property rights (as opposed to claims), then, loss allocation is crucial. Should the intermediary become insolvent and there be ins- ?cient securities, the shortfall has to be distributed. Through segregation on des- nated accounts the level of protection for the investor can be increased. It can also be increased by a requirement that the intermediary should hold a suf?cient number of securities corresponding to its customers' securities. During the course of this work I have received valuable assistance from s- eral persons, for which I am very grateful. First of all, I am indebted to Tekn. dr. Marcus Wallenbergs Stiftelse for .. utbildning i internationellt industriellt for .. etagande and For .. etagsjuridik Nord & Co for the ?nancial support they have provided.

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More Information

Format: Hardcover
Pages: 220
Publisher: Springer
Published: 30 Jan 2009

ISBN 10: 3540859039
ISBN 13: 9783540859031

Author Bio
Erica Johansson is a partner in Delphi's Banking and Finance Group. She has extensive experience in advising leading financial institutions on derivatives and structured finance transactions, including advising on credit, equity, FX, index linked and OTC derivatives, hedging aspects of securitisation and project finance transactions and derivatives transactions with pension funds. Erica Johansson also advises clients on cash CDOs, securitisations, structured notes, repos, repackagings, securities lending and margining arrangements, restructurings and banking and finance matters generally. Prior to joining Delphi, she worked with derivatives and structured finance at two major international law firms in London. She is a leading expert in the area of intermediated securities and has also acted as a legal consultant to the World Bank.