This book provides a uniquely clear and accessible analysis of the legal aspects of the international markets in securities (such as shares and bonds). It considers the legal implications of the computerisation and globalisation of these markets, and in particular the impact of the use ofcustodians, depositaries and other intermediaries by investors and collateral takers holding interests in securities.In the light of this analysis, the book goes on to consider a range of both traditional and innovative services and products in the international securities markets. These include a range of collateralisation techniques (including secured lending, repurchase agreements, securities lending andderivatives collateral) custody, settlement and repackaged securities (including managed funds and collateralised bond obligations). The position under both domestic and private international law is considered.The book is written in plain language so as to be accessible to the relative newcomer to the field, and to market professionals as well as lawyers. However, it is also sufficiently detailed to provide a valuable source of reference and analysis for experienced practitioners engaged in managing legalrisk in cross-border securities collateral and investment. Given the global nature of the securities markets, it will be of international relevance and appeal.