Intermediation and Beyond: Conclusion

Intermediation and Beyond (L Gullifer and J Payne, eds) (Hart Publishing, 2019), Forthcoming

40 Pages Posted: 31 Dec 2018

See all articles by Louise Gullifer

Louise Gullifer

University of Cambridge - Faculty of Law

Jennifer Payne

University of Oxford - Faculty of Law

Date Written: December 12, 2018


This is the conclusion to the book ‘Intermediation and Beyond’ (Hart Publishing, January 2019) which sets out a reform agenda for intermediated securities at the domestic (UK) level and internationally. It summarises the discussions in the chapters of the book thematically, starting with identification of the advantages and disadvantages of the holding of securities through intermediaries from the point of view of various market participants. It then examines various types of possible responses to the problems and disadvantages of the intermediated system. Some problems can be dealt with by some quite specific legal ‘fixes’, and it is suggested that these are given serious consideration by law reformers such as the Law Commission. Beyond these responses, implementation of any other legal responses requires a great deal of care, given the delicate balance of advantages and disadvantages in the current system. That is not to say that some response is not required, and it is suggested that market-based responses, which enable market participants to perform their own evaluation of costs and benefits, are likely, in many cases, to be more effective than legislation. The position is different in relation to international legal responses, where legislation at a transnational level is the only way to achieve harmonisation, difficult though this commendable aim is. Finally, change is likely to come to the system in any event, with the advent of DLT technology. Considerable thought, therefore, needs to be given to how the legal architecture should change in this event, particularly in relation to choice of law. The chapters in this book make a significant contribution to this important debate, which will continue to rage as long as there are deep and liquid capital markets in which companies and states can obtain finance and savers can invest their money.

Keywords: intermediated securities, reform, crypto-securities

JEL Classification: K22

Suggested Citation

Gullifer, Louise and Payne, Jennifer, Intermediation and Beyond: Conclusion (December 12, 2018). Intermediation and Beyond (L Gullifer and J Payne, eds) (Hart Publishing, 2019), Forthcoming, Available at SSRN:

Louise Gullifer

University of Cambridge - Faculty of Law ( email )

10 West Road
Cambridge, CB3 9DZ
United Kingdom

HOME PAGE: http://

Jennifer Payne (Contact Author)

University of Oxford - Faculty of Law ( email )

United Kingdom

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