出版社：Juraj Dobrila University of Pula, Department of Economics and Tourism 'Dr. Mijo Mirkovic'
摘要：Securities holding systems are vital for the effective functioning of capital markets. They reduce the risks associated with transfer of securities between market participants; their smooth functioning depends from certainty as to the rights and obligations of different subjects. If there is no such certainty, the system is prone to legal risk and – in time of financial duress – to systemic risk as well. The purpose of this paper is twofold: first, to analyse the difference between various systems of holding securities and second (section 1 and 2), to assess the Croatian securities holding system (section 3). Our attention is especially focused on Croatian legislation governing securities, with emphasis on the national Central Clearing and Depository Agency. In section 4 we discuss the UNIDROIT’s Convention on Intermediated Securities. Finally, section 5 discusses recent EU regulatory initiatives which are part of an overarching post-crisis reform agenda in the financial markets.
关键词：intermediated securities; securities holding system; Geneva Convention; central securities depository; Securities Law Directive
