Interconnecting law of securities holding and transfer: a chance for seamless international improvements

To increase the efficiency of both local and cross-border transfers and collateral transactions, today the vast quantity of securities are being held, transferred and pledged by entries to securities accounts with intermediaries (eg banks, brokers, clearing and settlement systems, etc), rather than in physical form by the investors or directly with the issuers. Unfortunately, more often than not choice-of-law and substantive law rules continue to reflect assumptions that securities were held, transferred and pledged by physical delivery and were supposedly mainly purely domestic transactions