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Equity Clearing and Settlement Models in the UK and Taiwan: Market Stability and Investor Protection Perspectives

In: Legal Thoughts between the East and the West in the Multilevel Legal Order

Author

Listed:
  • Joseph Lee

    (University of Exeter
    The British Academy)

Abstract

This chapter uses comparative law analysis to examine the systems and processes of post-trading infrastructure – clearing and settlement – in the UK and Taiwan. Its purpose is to identify the differences in the operating models, the governance and the regulatory thinking behind them. Taiwan clearly shows its cautious approach to post-trading infrastructure which is evidenced in its vertical silo system and in its direct and transparency holding system. However, Taiwan does not provide clear legal rules dealing with insolvency risk and settlement finality. It is also not clear why Taiwan does not follow the ‘place of the relevant intermediary approach’ (hereinafter ‘PRIMA’). It is argued that Taiwan can learn from the UK’s non-vertical silo model to increase innovation. Taiwan could also adopt the trust and non-transparency indirect holding system to increase investor protection and settlement finality to increase legal certainty.

Suggested Citation

  • Joseph Lee, 2016. "Equity Clearing and Settlement Models in the UK and Taiwan: Market Stability and Investor Protection Perspectives," Economics, Law, and Institutions in Asia Pacific, in: Chang-fa Lo & Nigel N.T. Li & Tsai-yu Lin (ed.), Legal Thoughts between the East and the West in the Multilevel Legal Order, chapter 0, pages 423-443, Springer.
    • Handle: RePEc:spr:eclchp:978-981-10-1995-1_25
    DOI: 10.1007/978-981-10-1995-1_25
    as

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