The Future for the Global Securities Market: Legal and Regulatory Aspects

By Fidelis Oditah | Go to book overview

7
Nature and Transfer of Rights in Dematerialised and Immobilised Securities
ROY GOODE
INTRODUCTION

Developments in the securities markets
The last thirty years have witnessed dramatic changes in the structure and organization of securities markets. Among the factors which have driven these developments are:
a huge expansion in the amount of capital sought to be raised on the market
a desire to promote cross-border investment and trading in securities
the requirement for an efficient system of distribution among major investors
the pressure to reduce delay, administrative burdens, risk and expense by curbing the volume and movement of paper (certificates and notes, transfer forms, and the like) and the number of transfers crossing the books of issuers
the need to eliminate principal risk1 by developing systems to ensure simultaneous delivery versus payment (DVP).

Among the steps which have been taken to meet these objectives are: the move from direct holdings of investments (that is, holdings direct from the issuer by entry on its registers or possession of bearer securities) to indirect holdings through one or more tiers of custodian; the development of dematerialised (uncertificated) securities in which transfers are effected purely by book-entry (a particular feature of government securities); the immobilisation of internationally traded securities by deposit with the international central securities depositories (ICSDs), Cedel Bank and Morgan Guaranty Brussels (MGB) as operators of Euroclear,2 and by the issue of permanent global notes instead of individual definitive certificates; and the linkage of

____________________
1
See n. 5, infra.
2
See infra, pp. 113-15.

-107-

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