Debt securities market infrastructure—introduction
Debt securities market infrastructure—introduction

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Debt securities market infrastructure—introduction
  • Introduction
  • Trading infrastructure
  • Clearing infrastructure
  • Settlement infrastructure
  • Custody infrastructure
  • Corporate Insolvency and Governance Act 2020

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement. This has an impact on this Practice Note. For guidance, see Practice Note: Brexit—impact on finance transactions—Brexit planning and impact—key issues for debt capital markets transactions and Brexit—impact on finance transactions—Derivatives and debt capital markets transactions—key SIs.

Introduction

Tradeability is an essential characteristic of debt securities. Investors' ability to buy and sell—trade—debt securities depends on:

  1. standardisation of the terms and conditions of debt securities (for more information, see Practice Notes: Terms and conditions of debt securities and Terms and conditions—first time issuer's guide)

  2. the fungible nature of debt securities (for more information see Practice Note: Key legal issues in English law in debt

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