Intermediation and Beyond: Introduction

Abstract

This is part of the introduction to the book ‘Intermediation and Beyond’ (Hart Publishing, January 2019). It explains the genesis of the project which lead to the book, summarises the discussion in the chapters and identifies its contribution to the debate surrounding the way securities are held in the twenty-first century. The book critically analyses the current position of all parties within the intermediated system, of the reasons for the system and of its advantages and disadvantages, examines a wide range of possible responses to the consequences of the current system, legal, market-based and technological, and looks forward to the future, particularly the advent of crypto-securities.

Keywords: intermediated securities, crypto-securities, reform

JEL Classification: K22