scholarly journals REFORM IN THE SECURITIES CLEARING AND SETTLEMENT SYSTEM REGULATION IN UKRAINE

2016 ◽  
pp. 65-73
Author(s):  
О. Vygovskyy
Keyword(s):  
International Standards ◽  
Securities Regulation ◽  
Market Regulation ◽  
Settlement System ◽  
Settlement Systems ◽  
Regulatory Standards ◽  
Harmonization Process ◽  
Recent Developments ◽  
Clearing And Settlement ◽  
Legislative Framework

Recent developments in the regulation of securities clearing and settlement system in Ukraine aimed at harmonization of Ukrainian securities legislation with the European and international regulatory standards are discussed in this article. Attention is focused on the key provisions of the Law of Ukraine “On Depository System of Ukraine” which has become one of the cornerstones of the legislative framework for the securities market regulation. These provisions are compared with the rules of UNIDROIT Convention on Substantive Rules for Intermediated Securities and the level of harmonization of the Ukrainian securities legislation with the international standards is evaluated. Particular attention is paid to the concepts of intermediated securities and intermediaries, the issues of transfer and exercise of the rights in securities and rights attached to securities under the specified Law are explored, as well as the insolvency of intermediaries and its effect on their relations with the securities account holders is scrutinized. Attention is also devoted to the regulation of netting in Ukraine and major innovation introduced in legislation in this respect. The outcomes of the author’s analysis are summarized and general comments are provided as to the degree of finality of harmonization process in the Ukrainian securities regulation and regulation of clearing and settlement systems.

scholarly journals SYSTEM DEPOZYTOWY PAPIERÓW WARTOŚCIOWYCH I INSTRUMENTÓW FINANSOWYCH

2017 ◽  
Vol 7 (2) ◽  
pp. 73
Author(s):  
Aleksandra Bielecka-Dobroczek
Keyword(s):  
Capital Market ◽  
International Standards ◽  
Settlement System ◽  
Trading System ◽  
Clearing And Settlement ◽  
Settlement Services ◽  
Securities Trading

Depository System of Securities on the Capital MarketSummaryThe article contains a brief analysis of the depository – settlement system which forms a part of the securities trading system. The securities trading system in Poland is based on international standards including full securities dematerialisation.The depository-settlement system is formed of The National Depository for Securities (KDPW) and its participants. The main responsibilities of the system are providing depository, clearing and settlement services for all securities in public trading. The author concentrates on the depository functions of the system omitting the issues of clearing and settlement of securities transactions and presents registration tools used by KDPW and its participants and their depository actions. The article also contains suggestions of legal changes which may improve the functioning of the system, as its right organization is highly important in development and operation of the Polish capital market.

scholarly journals Determination by the Settlement Systems of the Required Collateral Imposed to Participants

2020 ◽  
Vol 14 (1) ◽  
pp. 925-939
Author(s):  
Laurentiu Paul Baranga ◽  
Iulian Zalinca
Keyword(s):  
Risk Management ◽  
Financial Markets ◽  
Capital Market ◽  
Financial Risks ◽  
Settlement System ◽  
Settlement Systems ◽  
Clearing And Settlement ◽  
Financial Transactions

AbstractThe dynamics of the increase in volume and amount of the financial or commercial transactions during the last decennials has amplified the role of clearing and settlement systems, along with the payment ones. From the quality of these systems as a financial markets stability provider also derives the concern for the management of financial risks mainly generated by the participants in these systems. The clearing-settlement systems, operated by infrastructure entities of the capital markets, ensure, within certain limits, a risk management for the incidents that could occur in the settlement activity regarding the financial transactions concluded between participants. We are going to present a methodology for determining the required collateral that must be maintained/updated by the debtor participants of a clearing-settlement system in order to ensure a robust management of the risks that could occur in the settlement operations. This methodology can be applied by any infrastructure entity of the capital market that manages collateral systems to limit the number of cases of settlement fails in financial transactions.

Part E Guarantees and Security, 35 Financial Collateral Arrangements

2015 ◽  
Author(s):  
Proctor Charles
Keyword(s):  
European Commission ◽  
Systemic Risk ◽  
Settlement System ◽  
Settlement Systems ◽  
Clearing And Settlement ◽  
The Stability ◽  
A Charge

When a charge is taken over cash or securities transferred or held in a recognized clearing and settlement system, the security position of the charge is in some respects reinforced. The European Commission has been concerned with managing systemic risk in such settlement systems. This chapter examines the two key measures to support the stability of such systems: firstly, the Directive on Settlement finality in Payment and Securities Systems; and, secondly, the Directive on financial collateral arrangement.

Regulatory Cooperation in Securities Market Regulation: Perspectives from Australia

2020 ◽  
Vol 17 (1) ◽  
pp. 11-34
Author(s):  
Jennifer G. Hill
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Mutual Recognition ◽  
International Standards ◽  
Securities Regulation ◽  
Market Regulation ◽  
Regulatory Cooperation ◽  
Mutual Recognition Agreement ◽  
The Global Financial Crisis ◽  
Supranational Regulation

The global financial crisis highlighted the interconnectedness of international financial markets and the risk of contagion it posed. The crisis also emphasized the importance of supranational regulation and regulatory cooperation to address that risk. Yet, although capital flows are global, securities regulation is not. As a 2019 report by IOSCO notes, the regulatory challenges revealed during the global financial crisis have by no means dissipated over the last decade. Lack of international standards, or differences in the way jurisdictions implement such standards, can often result in regulatory-driven market fragmentation. This article considers a range of cooperative techniques designed to achieve international regulatory harmonization and effective financial market supervision. It includes discussion of a high profile cross-border supervisory experiment, the 2008 US-Australian Mutual Recognition Agreement, which was the first agreement of its kind for the SEC. The article also examines some key regulatory developments in Australia and Asia since the time of the US-Australian Mutual Recognition Agreement.

Recent Developments in Social Policy in the New European Union

ILR Review ◽  
1994 ◽  
Vol 48 (1) ◽  
pp. 5-27 ◽  
Author(s):  
John T. Addison ◽  
W. Stanley Siebert
Keyword(s):  
European Union ◽  
Labor Market ◽  
Recent Progress ◽  
Adjustment Costs ◽  
Labor Policy ◽  
Market Regulation ◽  
The European Union ◽  
Recent Developments ◽  
Labor Market Regulation ◽  
Future Direction

This paper assesses the recent progress and future direction of labor policy in the European Community, now the European Union. The authors show that most of the mandates foreshadowed under the December 1989 Community Social Charter have now been enacted into law. They analyze the possible costs, as well as the benefits, of these firstphase mandates and show the link between these adjustment costs and the Community's policy of providing subsidies to its poorer member states. They also demonstrate how the new Treaty on European Union, agreed to at Maastricht in December 1991, has increased the scope for Community-level labor market regulation.

The Capital Market Authority Effectiveness in the Regulation of Financial Markets perspectives from the financial sector actors

2012 ◽  
Vol 02 (11) ◽  
pp. 15-24
Author(s):  
Charles Kombo Okioga
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Financial Regulation ◽  
International Standards ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
Market Participants ◽  
New Business

Capital Market Authority in Kenya is in a development phase in order to be effective in the regulation of the financial markets. The market participants and the regulators are increasingly adopting international standards in order to make the capital markets in sync with those of developed markets. New products are being introduced and new business lines are being established. The Capital Markets Authority (Regulator) is constantly reviewing existing regulations and recommending changes to regulate the market properly. Business lines and activities are being harmonized by market participants to provide a one stop solution in order to meet the financial and securities services needs of the investors. The convergence of business lines and activities of market intermediaries gives rise to the diversity of a firm’s business operations to meet multiplicity of regulations that its activities are subject to. The methodology used in this study was designed to examine the relationship between capital markets Authority effective regulation and the performance of the financial markets. The study used correlation design, the study population consisted of 30 employees in financial institutions regulated by Capital Markets Authority and 80 investors. The study found out that effective financial market regulation has a significant relationship with the financial market performance indicated by (r=0.571, p<0.01) and (r=0.716, p≤0.01, the study recommended a further research on the factors that hinder effective financial regulation by the Capital Markets Authority.

scholarly journals Recent developments in BRIC’s corporate governance with a focus on Russia – Innovation or imitation?

2014 ◽  
Vol 11 (3) ◽  
pp. 369-380 ◽  
Author(s):  
Udo C. Braendle
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
International Standards ◽  
Corporate Sector ◽  
Draft Code ◽  
Bric Countries ◽  
The Future ◽  
Recent Developments ◽  
Code Of Corporate Governance

The practice of joint-stock companies in Russia and other BRIC countries suggests that the development of the corporate sector and the stock market requires a corporate governance level of the companies that corresponds to international standards. The Russian Code of Corporate Conduct was implemented in 2002 and has not been revised for many years. The same is true for Codes of other BRIC countries. 2013 the situation has changed. Russia published a Draft Code of Corporate Governance that should reflect the changes in Russian Corporate Governance over the last 10 years. The paper critically analyses this draft code and gives implications about the future of corporate governance in Russia. We are doing so in comparing Russian Corporate Governance Initiatives with those of other BRIC countries.

Algorithmic Trading and Market Regulation

2018 ◽  
pp. 232-259
Author(s):  
Yesha Yadav
Keyword(s):  
Information Dissemination ◽  
Strict Liability ◽  
Securities Regulation ◽  
Algorithmic Trading ◽  
Market Regulation ◽  
Rapid Rise ◽  
Policy Makers ◽  
Regulatory Law ◽  
Legal Concepts ◽  
Evidence And Proof

This chapter examines the interaction between automated, algorithmic markets and fundamental legal concepts in securities regulation, an area to which policy-makers have devoted little attention. Recent advances in communication technology have facilitated the rapid rise of algorithmic trading and automated market mechanics. This chapter surveys eight framework notions critical to regulation and discusses how these might apply in an automated marketplace. Specifically, it examines reasonableness; strict liability; foreseeability; contribution; scienter; damage and harm; evidence and proof; and disclosure and information dissemination. This analysis reveals how deeply-held assumptions guiding regulatory law sit uneasily in today’s complicated and fast-paced markets.

Typology of Russia municipalities by economic specialization and status in settlement systems

2019 ◽  
pp. 42-52
Author(s):  
A. A. Romashina
Keyword(s):  
Social Economic ◽  
Careful Consideration ◽  
Settlement System ◽  
Settlement Systems ◽  
Spatial Policy ◽  
Research Task ◽  
The Russian Federation ◽  
Methodological Approaches ◽  
Economic Specialization ◽  
Municipal Level

The article is about methodological approaches to the typology of municipalities of the Russian Federation based on the microstatistics level. The typology is carried out according to two criteria: type of settlement system and specialization of the economy. One of the research task is to analyze the approaches to the delimitation of urban agglomerations for better understanding of their role in the settlement system. As a result, each municipality got type: characteristics of its social, economic and spatial development. Supposals about factors influencing on socio-economic development pathway are given in the article. The uneven intraregional development requires careful consideration of territory’s characteristics for successful management of their socio-economic growth. Focus of spatial policy on the municipal level allows to respond to the specifics and potential of territories for the development and implementation of effective federal and regional spatial policies, increase its evidence and give additional opportunities for evaluating its results.

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