Abstract
Abstract Settlement is the process whereby (interests in) securities are delivered from per- son to person, usually against payment, in order to fulfil contractual delivery obligations such as those arising under contracts of sale and collateral arrangements. Chapter 1 provided a brief overview of settlement, and considered the different types of electronic arrangements that have been developed in order to facilitate settlement. It argued that where the interests of participants in settlement systems are intermediated and commingled in the course of electronic settlement, such arrangements alter the nature of the asset of the participant. This asset consists, not of securities held directly from the issuer, but rather of unallocated and indirect interests constituting intangible assets, which the author has called interests in securities. Chapter 2 considered the legal nature of interests in securities. Chapter 13 will argue that they confer property rights as against the intermediaries through whom they are asserted.
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