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Global Securities Markets: Navigating the World's Exchanges and OTC Markets

Book Description

The quick guide to understanding the global securities markets

Investing in the global securities markets poses challenges far beyond simply choosing a security that's likely to provide a decent return. Global Securities Markets provides a framework for navigating through these highly diverse and complex markets, covering all the basics of global investing. Packed with tables and listings to help investors of all types easily locate the information they need to make the right choices, the book is an indispensible index for working the securities markets to their fullest extent. The book covers:

  • The mechanics of execution, clearing, settlement, custody, regulation, and practice in the US, UK, and European markets
  • Margin, short selling, prime brokerage, and the evolving disciplines of risk management, anti-money laundering, and international compliance

With 110 securities exchanges and 40 derivatives exchanges, it is more important than ever for the savvy investor to understand the global securities markets, and Global Securities Markets illustrates the rich history of the markets, how they work, and relevant contemporary legal concepts.

Table of Contents

  1. Cover
  2. Additional Praise for Global Securities Markets
  3. Series
  4. Title Page
  5. Copyright
  6. Series
  7. Foreword
  8. Preface
  9. Introduction
  10. Chapter 1: Fundamental Concepts
    1. LEGAL DEFINITION OF SECURITY
    2. NORTH VERSUS SOUTH (DEBT VERSUS EQUITY)
    3. EAST VERSUS WEST (DERIVATIVES VERSUS FUNDS)
    4. INVESTORS
    5. BROKERS, BANKS, AND ADVISORS
    6. PHYSICAL SECURITIES
    7. AGENCY
    8. PURCHASE AND SALE OF SECURITIES AND THE DEVELOPMENT OF EXCHANGES
  11. Chapter 2: The Growth of Exchanges around the Globe and the Development of Screen-Based Trading
  12. Chapter 3: The Paper Crunch and Development of New Institutions
    1. THE TRUST
    2. CENTRAL SECURITIES DEPOSITORY
    3. NETTING
    4. CENTRAL COUNTERPARTIES
  13. Chapter 4: Central Counterparties and Depositories
    1. THE DEPOSITORY TRUST AND CLEARING CORPORATION
    2. EUROCLEAR
    3. ISINs
    4. ACCESS TO INFORMATION REGARDING EUROCLEAR SECURITIES
    5. CREST
  14. Chapter 5: Major Worldwide Exchanges and Their Associated Depositories, and Practical Tips on Execution, Clearance, and Custody in Various Regions around the Globe
    1. PRACTICAL COMMENTARY CONCERNING TRADING, CLEARING, AND CUSTODY IN EUROPE
    2. PRACTICAL COMMENTARY CONCERNING TRADING, CLEARING, AND CUSTODY IN THE AMERICAS
    3. PRACTICAL COMMENTARY CONCERNING TRADING, CLEARING, AND CUSTODY IN THE MIDDLE EAST AND AFRICA
    4. PRACTICAL COMMENTARY CONCERNING TRADING, CLEARING, AND CUSTODY IN ASIA
    5. PASSENGER MARKETS
    6. CASE STUDY RELATING TO PASSENGER MARKETS
  15. Chapter 6: Legal Framework of the World Markets
    1. A BRIEF HISTORY OF U.S. REGULATION
    2. THE NEW DEAL AND GLASS-STEAGALL
    3. THE PANIC OF 2008 IN CONTEXT
    4. THE PILLARS OF U.S. FEDERAL SECURITIES LAW
    5. A RECENT HISTORY OF EUROPEAN LEGISLATION
    6. A BRIEF COMPARISON OF U.S. LAWS AND EU DIRECTIVES
  16. Chapter 7: Transfer of Securities and Perfection of Collateral
    1. CUSTODY AND ROOT OF TITLE INTERNATIONALLY
  17. Chapter 8: Margin
  18. Chapter 9: Short Selling and Stock Loans
  19. Chapter 10: Derivatives
    1. THE OTC DERIVATIVE MARKETS
    2. LEGAL DEFINITION OF DERIVATIVES
    3. WHAT IS A CDS?
    4. CONTRACT FOR DIFFERENCE (CFD)
    5. LEGAL AND REGULATORY FRAMEWORK OF CFDS
    6. THE OUTLOOK FOR CFDs
  20. Chapter 11: Prime Brokerage
  21. Chapter 12: Managed Accounts
    1. HISTORY OF RULE 3A-4
    2. APPLICABILITY OF THE ADVISERS ACT
    3. CURRENT SMA EXAM ISSUES
    4. ISSUES FOR THE FUTURE
  22. Chapter 13: International Compliance
    1. THE FOUR HORSEMEN OF INTERNATIONAL COMPLIANCE
    2. FOREIGN EXCHANGE CONTROLS
    3. TAX REPORTING
    4. LAWS OF INHERITANCE
    5. NON-RESIDENT ALIEN ESTATE TAX
    6. COMPLIANCE CASE STUDY
  23. Chapter 14: Money Laundering
    1. ANTI–MONEY LAUNDERING CASE STUDY
  24. Chapter 15: SIPC and Other Investment Protection Schemes around the World
    1. PROTECTION OF CUSTOMER ASSETS BY SIPC AND EXCESS SIPC COVERAGE
    2. REGULATORY OBLIGATIONS ON CUSTODY OF CUSTOMER FUNDS AND SECURITIES
  25. Chapter 16: Risk Management
  26. Conclusion
  27. Afterword
  28. Glossary
  29. Further Reading
  30. About the Author
  31. Index