Abstract
The collapse of Lehman Brothers in Europe and the ongoing financial crisis have brought the practices of the financial markets into the sharp focus of English and European judges, regulators and legislators alike. One area of focus has been, and continues to be, the accepted practice of a financial services firm accessing and using customer assets it holds in custody – a practice known colloquially as “rehypothecation” — and whether there is an appropriate balance struck between the risks involved and the micro and macro benefits such a practice can bring. Most recently this subject has formed part of an EU discussion paper circulated to Member States in the context of proposals for securities law legislation.
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