The Integration of European Financial Markets: The Regulation of Monetary Obligations (UT Austin Studies in Foreign and Transnational Law)

The last decade has seen the increasing integration of European financial markets due to a number of factors including the creation of a common regulatory framework, the liberalisation of international capital movements, financial deregulation, advances in technology and the introduction of the Euro. However, the process of integration has proceeded largely in the absence of any comprehensive legal regulation, and has rather been constructed on the basis of sectorial provisions dictated by the needs of cross-border transactions. This has meant that many legal barriers still remain as obstacles to complete integration. This book considers the discipline of monetary obligations within the wider context of financial markets. The book provides a comparative and transnational examination of the legal rules which form the basis of transactions on financial markets. Analysing the integration of the markets from a legal point of view provides an opportunity to highlight the role of globalisation as the key element favouring the circulation of rules, models, and especially the development of new regulatory sources. The book examines market transactions and the institutes at the root of these transactions, including the type of legislative sources in force and the subjects acting as legislators. The first part of the book concentrates on the micro-discipline of money, debts, payments and financial instruments. The second part goes on to analyse the macro-context of integration of the markets, looking at the persistence of legal barriers and options for their removal, as well as the development of new legal sources as a consequence of the transfer of monetary and political sovereignty. Finally, the book draws links between the two parts and assesses the consequences of the changes at the macro-level of regulation on the micro-level of legal discipline of monetary obligations, particularly focusing on the emergence and growing importance of soft law. The Integration of European Financial Markets examines market transactions and the institutes at the root of these transactions, including the type of legislative sources in force and the subjects acting as legislators. The first part of the book concentrates on the micro-discipline of money, debts, payments, and financial instruments. The second part goes on to analyse the macro-context of integration of the markets, looking at the persistence of legal barriers and options for their removal, as well as the development of new legal sources as a consequence of the transfer of monetary and political sovereignty. The final section of the book draws on the results of the previous parts and assesses the consequences of changes on the macro-level (regulation) and the micro-level (monetary obligations) with a particular focus on the emergence and growing importance of sort law. --Book Jacket This book considers the discipline of monetary obligations within the wider context of financial markets. It provides a comparative and transnational examination of the legal rules which form the basis of transactions on financial markets. Analysing the integration o the markets from a legal point of view provides an opportunity to highlight the role of globalisation as the key element favouring the circulation of rules, models, and especially the development of new regulatory sources The root of transactions in financial markets : monetary obligations The process of integration of European financial markets Legal integration of the markets and harmonisation of substantive law : clearing and settlement of securities and payments Private international law perspective Transfer of monetary sovereignty and regulatory issues Soft law and financial lex mercatoria Soft law : subjects, rules, status.