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Securities, intermediation and the blockchain: an inevitable choice between liquidity and legal certainty?
- Source :
- Uniform Law Review. 21:612-639
- Publication Year :
- 2016
- Publisher :
- Oxford University Press (OUP), 2016.
-
Abstract
- The practice of securities holding, transfer, and collateral has changed significantly over the past 200 years—moving from paper certificates and issuer registers, to an intermediated environment, and from there to computerization and globalization. These changes have made transacting more efficient and thus rendered markets more liquid. However, the law has lagged behind and is now itself an obstacle to efficiency because international securities transactions are subject to considerable legal uncertainty. The latest global market development, a cryptographic transfer process commonly called the blockchain, is the most recent efficiency-enhancing change. It offers a unique possibility to create a consistent legal framework for securities from scratch, on the basis of a legal concept that, to some extent, resembles bearer securities. This article shows what the new international legal framework could look like in the light of experience gained from earlier developments.
- Subjects :
- HG Finance
Collateral
JX International law
Subject (philosophy)
02 engineering and technology
Market liquidity
Globalization
Issuer
020204 information systems
Obstacle
0202 electrical engineering, electronic engineering, information engineering
Legal certainty
Intermediation
020201 artificial intelligence & image processing
Business
Law
Law and economics
Subjects
Details
- ISSN :
- 20509065 and 11243694
- Volume :
- 21
- Database :
- OpenAIRE
- Journal :
- Uniform Law Review
- Accession number :
- edsair.doi.dedup.....0c65292368614fa70556d5808e6b3b29