Financial Markets and Exchanges Law (2nd Edition)
Michael Blair (ed.) et al.
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Published:
2012
Online ISBN:
9780191811951
Print ISBN:
9780199601653
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Financial Markets and Exchanges Law (2nd Edition)
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Joanna Gray
Pages
243–263
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Published:
November 2012
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Gray, Joanna, ' London Money Markets: Legal and Regulatory Framework', in Michael Blair, George Walker, and Stuart Willey (eds), Financial Markets and Exchanges Law, 2nd Edition (2012; online edn, Oxford Academic), https://doi.org/10.1093/law/9780199601653.003.0008, accessed 6 Aug. 2024.
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Introduction
The scope of this chapter is confined to an examination of the legal and regulatory underpinnings of the wholesale money markets—namely, those financial markets in which the lending and borrowing of money and securities, such as commercial paper, Treasury bills, and gilts, takes place on a short-term basis of up to one year.1
1 The definition most commonly employed by those active in these markets. See, eg, <http://www.mliminternational.com/xxsite/individual-investors/glossary3.html#m>
Explanations of the functioning, and since 2007 malfunctioning, of the money markets are often bedevilled by extreme technicality and unfamiliar terms and language. Money, being perhaps the purest and most stripped-down measure of economic value, ironically lends itself to experimentation by the most innovative minds in financial engineering and financial law. Units of currency form the most flexible of raw materials for packaging, repackaging, and trafficking between large wholesale users of money (governments, government and other public agencies, and financial institutions). Hence we have witnessed, over London’s long history as the pre-eminent international centre for the trading of money itself (in all of its recognized forms of currency, not only sterling), almost constant product innovation in money market instruments (MMIs) and equal ingenuity in the uses to which such instruments can be put.
Keywords: Issue and trading of securities, Shares, Debenture, Options, Futures, Derivatives, UK Financial Services Authority (FSA), International Monetary Fund (IMF), Financial Services and Markets Act 2000
Subject
Capital Markets Derivatives Futures Banking Law Options Financial Law
Collection: Financial Banking Law
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