Offers an overall picture of the processes and risks involved in clearing and settlement, and how laws and regulations try to mitigate these risks.

The post-trading industry is one in which financial firms make money and one in which risk issues need careful management. Reliable payment, clearing and settlement structures are perceived to be essential to enable financial firms to withstand shocks. A great deal of the cost of trading and cross-border investment is attributed to the very complex process of clearing and settlement. This book describes and explains: 1. what happens in clearing and settlement, and the roles of (and risks assumed by) the various participants in the post-trade marketplace 2. the law applicable to infrastructures, how they are are regulated, and the other topographical features of their legal landscape 3. the legal and practical aspects of risk management and operations of infrastructures 4. the risks faced by participants in payment, clearing and settlement systems - the agent banks - along with practical and operational issues which they face in their roles. Fully revised, updates for the 3rd edition include: - Implications and impact of Brexit - CPMI and IOSCO paper on central counterparty default (CCP) management auctions - cyber-security and the resilience of financial market infrastructures (FMIs) and the wider market ecosystem. This title is included in Bloomsbury Professional's Banking and Finance online service.

"This sort of book is exactly what practitioners need to find orientation among the tsunami of regulatory developments" - Journal of International Banking Law and Regulation, (Review of 2nd Ed)

"This book is to be recommended to all who want to understand the working of the financial system and its likely evolution ahead of us" - Foreword to the 1st Edition

"Lawyers, policy makers, risk managers and others working in clearing and settlement or relying upon it will find much to educate and inform in this book: they may even be entertained." - Dr David Murphy, London School of Economics

"The up-to-date and in-depth legal, regulatory and operational analysis provided by this book is an excellent source for policy makers and private sector executives to promote the much-needed post trade reform." - Dr. Werner Frey