bluuebunny/crossref_metadata_2025_split huggingface dataset:
Clearing Mechanics
Authors: Chamorro-Courtland Christian 
Published: June 2024

Abstract
This chapter examines the different methods used by central counterparties (CCP) for effecting a ‘counterparty substitution’ between a CCP and its clearing members. CCPs are able to interpose themselves between the members of the clearing system and assume their obligations through the contractual mechanisms of novation and open offer. A ‘novation’ involves the termination of an earlier contractual agreement that was entered into between two counterparties and a substitution with a new agreement and a new counterparty. Conversely, in an ‘open offer’, a contractual agreement is created between each counterparty and the CCP at the moment that the counterparties agree to enter into a particular transaction so that there is never a contract between the two counterparties. The counterparty substitution process is a critical stage in the clearing procedure because it is the main mechanism for ensuring that the CCP is able to act as the main counterparty and ‘principal’ for settling the outstanding obligations arising from the derivative contracts that have been executed by the system’s participants, irrespective of whether they have entered into these transactions on a regulated derivatives exchange or over-the-counter (OTC). The chapter analyses the clearing mechanism from a legal perspective and focuses mainly on common law jurisdictions as many of the large CCPs are based in the United Kingdom.
What Kind of Thing Is a Central Counterparty?
Authors: Lewis Rebecca , Murphy David 
Published: June 2024

Abstract
Public policy regarding central counterparties (CCPs) is beset by conflicts. These turn on who bears which risks, who profits from clearing, and who has what say in CCP governance. To probe these conflicts, we introduce three stylized models of CCPs: utilities, for-profit corporations under shareholder primacy, and clubs. Each suggests a different resolution to a given conflict. However, none provides wholly compelling answers, nor fully maps onto current practice. We suggest that the root cause of the continuing conflicts is a fundamental disagreement over the role of the CCP. Given this ongoing, irresolvable disagreement, stakeholder theory provides a good model of CCP governance.
Cross-Border Clearing
Authors: Karl Ulrich 
Published: June 2024

Abstract
This chapter begins with a summary of the regulatory and legal frameworks of clearing, including how third-country (or foreign) central counterparties (CCPs) are treated in selected jurisdictions. It provides a description of the impact that cross-border clearing has on capital requirements and explains the concepts of interoperability and bases. The chapter then lays out how clearing participants (either clearing members or clients) navigate cross-border clearing. It describes how these clearing participants choose which CCP to access and how to do so. After a description of operational considerations of cross-border clearing, the chapter looks at risk and crisis management in a cross-border setting and considers particular issues when clearing in small or closed jurisdictions.
Potential Impact of the Distributed Ledger Technology on OTC Derivatives Markets
Authors: Priem Randy 
Published: June 2024

Abstract
This chapter highlights the potential impact of the distributed ledger technology (DLT) on over-the-counter (OTC) derivatives markets. The chapter first explains in detail how DLT and/or blockchains work. DLT refers to the novel approach to record and share transactions and/or data across multiple participants in a decentralized way. A blockchain, where data is stored in blocks chained together in a chronological sequence, can then be considered as a particular kind of DLT, albeit the terms ‘blockchain’ and ‘DLT’ are often utilized interchangeably. DLT has received extensive consideration over the past decade from market participants, financial market infrastructures, and regulators. The chapter then documents the current trading life cycle before discussing how DLT could make the existing life cycle more efficient. It will focus not only on the potential advantages of DLT but also on new risks to which this technology might give rise. The chapter ends with regulatory evolutions.
The Role of International Financial Fora in Preserving Global Financial Stability Amidst the Pandemic Crisis
Authors: Gortsos Christos V 
Published: June 2024

Abstract
This chapter analyses the role of international financial fora in preserving global financial stability during the first 18 months of the COVID-19 pandemic crisis. It acknowledges that crisis as an extraordinary challenge in living memory following the severity of its impact across the globe. Despite the pandemic-induced March 2020 market turmoil, the global financial system remained stable, and markets kept functioning. However, threats to international financial stability are apparent and not to be underestimated since the pandemic may yet test the resilience of the global financial system. The chapter elaborates on the work of the Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the International Association of Deposit Insurers (IADI), the International Organization of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS). It clarifies that the timing of a full return to new normality and the conditions in the real sector of the economy will determine whether the global financial system will remain as robust as before.
The Response of Central Banks to the COVID-19 Crisis
Authors: Branch Sonya 
Published: June 2024

Abstract
This chapter showcases analyses the legal aspects of the Bank of England’s policy measures in line with the response of central banks to the COVID-19 pandemic crisis. The Bank acted moved quickly, utilising tools developed in the wake of the by enabling post-global financial crisis (GFC) tools to stabilize the financial system and the wider UK economy. The Bank’s Monetary Policy Committee (MPC) made two cuts to the bank rate and expanded its program of quantitative easing (QE) via gilt and corporate bond purchases. Moreover, the bank Bank used monetary and regulatory tools in a manner, independent of, but consistent with, government action, facilitating lending through the banking system and by lending directly to corporates from central bank reserves to stabilize the cost of finance. The chapter also mentions how the bank Bank continued supporting monetary and financial stability through the Brexit process.
Payment in Virtual Currency
Authors: Geva Benjamin 
Published: June 2024

Abstract
This chapter considers legal issues of paying with virtual currency. It explores the present monetary system and the emergence of digital currencies. It addresses virtual currencies in the broader context of private currencies and highlights the difference between a self-anchored virtual coin whose value tends to fluctuate and a stablecoin. Addressing control and its transfer as functional equivalent of possession and delivery the chapter assesses that virtual currencies do not pose a significant concern to designers and executors of monetary and payment systems. The chapter concludes arguing that virtual currencies should be addressed as part of broader legislation governing digital (or virtual) assets. Outlawing their monetary use as a response to their inherent risks is rejected in favour of regulation as part of a broader legislation governing digital (or virtual) assets
Regulation of Cryptoassets
Authors: Follak Klaus Peter 
Published: June 2024

Abstract
This chapter discusses the EU and European Economic Area (EEA) perspectives on the regulation of crypto assets. It highlights how developments in the crypto assets industry will have an immense potential for innovation and efficiency gains in the financial sector. Since crypto assets and tokenization might revolutionize the financial industry, the EU crypto asset regulation is treated as an integral part of the Commission’s digital finance strategy. Moreover, the EU expects the crypto asset sector to provide a significant contribution to addressing the economic effects of the COVID-19 outbreak. The chapter covers the formal Trilogue procedures with the Parliament and the Commission to finalize the legislative process over crypto assets.
Digitalization and Sustainability
Authors: Kanda Hideki 
Published: June 2024

Abstract
This chapter examines the Japanese perspective on the implications of digitalization and sustainability in financial law. It highlights the importance of enforcement as it necessarily affects the convergence or divergence of substantive legal rules. Additionally, global investors often vote against the management of financial institutions that extend loans to firms that do not consider sustainability seriously. The chapter then raises the argument of digitalization offering a new tool for process change for promoting sustainability goals. It also explains that paper-based processes changing to a process of electronic records may trigger the necessity of new legal rules that concern data security.
Supervisory Lessons from Bank Failures in Uganda
Authors: Mugasha Agasha 
Published: June 2024

Abstract
This chapter analyses bank failures in Uganda as an illustration of a wider trend in Africa. It utilises the two case studies of the defunct Greenland Bank Ltd and Crane Bank Ltd to submit that the headline reasons for the bank failures; namely insolvency or undercapitalisation and imprudent practices, were symptoms of some more fundamental reasons about weak corporate governance in the banks and weak supervision by the central bank. The chapter notes that while the central bank mandates have progressively broadened beyond monetary policy, there has not been a commensurate increase in the capacity for and focus on the supervision of the conduct of business by the banks and, yet that has been a key factor in the bank failures.
Licences and Impossibility
Authors: Bridge Michael 
Published: June 2024

Abstract
This chapter deals with two subjects, the provision of licences for export and import and the discharge of contracts for impossibility or because of the operation of a force majeure clause in the contract. In the case of licences, the identity of the applicant and the nature of the duty (strict or due diligence) to apply are discussed. The point is made that force majeure and prohibition clauses play a much more important role than common law doctrines of impossibility and frustration. There is a discussion of the problems associated with the Mississippi floods of 1973 and, finally, of illegality in relation to the place of performance.
Remedies
Authors: Bridge Michael 
Published: June 2024

Abstract
This chapter deals with the grounds on which a contract may be terminated for breach and with damages. It deals with the rules governing the loss of the right to terminate by means of acceptance of the goods (as well as by means of waiver/election) and it stresses the existence in CIF contracts of dual rights of rejection of non-conforming documents and non-conforming goods, and the interplay between them. Statutory and common law damages rules are discussed, particularly the market rule of damages assessment, applied for example in the case of sub-sales. Common contractual provisions are also examined, namely, default, circle, and insolvency clauses. Finally, a particular problem concerning concealment of the right to reject goods by false documents is discussed.
The Place of the Convention in Current Practice in the United States
Authors: Brand Ronald A , Coffee Michael S , Herrup Paul 
Published: June 2024

Abstract
This chapter looks into the current practice in the United States. Courts in the United States have been receptive to the recognition and enforcement of foreign judgments for over a century. The basis for and contours of the practice has evolved since the US Supreme Court decided the case of Hilton v Guyot in 1895. However, litigants in the United States have not had a reliable expectation that the judgments they obtain in a court in the United States will be recognized or enforced by a foreign court. The chapter cites that the US government needs to decide how to properly implement the Convention domestically. It discusses the external issues of implementation, citing the implementation process that might be sought in a foreign court.
The Main Prohibited Elements in Contract
Authors: Oseni Umar A 
Published: June 2024

Abstract
This chapter covers the main prohibited elements in a contract. The premise of Islamic contract law's general philosophy revolves around consent and mutual satisfaction while two or more contracting parties intend to establish a legal relationship. The general philosophy is often reflected as consensus ad idem, which emphasizes party autonomy or freedom in concluding any contract. The chapter then examines ribā and gharar as the major prohibited elements in contracts through theoretical and practical perspectives and references from case laws and insights on commercial contracts. It also covers other prohibited elements in the contract, such as dealing in illegal commodities as the subject matter of contracts, gambling, fraud, deception, coercion, usurpation, hoarding, and illegal profiteering.
Contractual Terms
Authors: Ercanbrack Jonathan G 
Published: June 2024

Abstract
This chapter cites how contractual terms in Islamic law are governed by detailed rules, prohibitions, and exceptions. Schools of law have developed the rights or options (khiyārāt) as contractual terms to ensure parties’ consent to the contract. A right of options provides the option holder with a unilateral choice to void (faskh) or conclude (imḍā’) a contract, which underscores Islamic law’s interest in safeguarding the consent of the parties to the contract. The chapter then explains that shurūṭ (conditions or stipulations) are the product of extrinsically produced stipulations that parties seek to include in their contract. It clarifies that conditions in the common law legal system refer to the classification of contractual terms as those fundamental terms which go to the root of the contract.
Unilateral Contracts
Authors: Bantekas Ilias 
Published: June 2024

Abstract
This chapter discusses the leading instances of unilateral contracts, which range between promise, gift, loan, will, and endowment. It explains how contracts are classified based on an individual’s ability to undertake the underlying obligations independently. According to Al Zarakhsi, unilateral contracts typically do not require the conduct to be accepted by another party. Moreover, unilateral contracts are also known as ʿuqūd tabarruʿāt (gratuitous contracts) because they are concluded without consideration. The Islamic legal theory sets out necessary conditions, such as the quality of the offer, the contracting parties, and the subject matter of the unilateral contract, in an effort to determine the validity of a unilateral contract.
Introduction
Authors: Drake David 
Published: June 2024

Abstract
This chapter provides a background on the interplay between sources, remedies, and minority shareholder rights. It emphasizes the understanding of minority shareholder rights that depends both on an understanding of the remedies that give reality to those rights and on an understanding of the sources from which the rights are said to arise. The chapter reviews the content of the sources of rights that differ from company to company, such as the articles of association that set out express terms as to the way the affairs of that company are to be conducted. It covers other sources for general application, such as the statutory provisions and the common law and equitable principles governing the exercise of directors’ powers. It also explores how the substantive law and procedural law regarding minority shareholders are inextricably bound together.
Arbitration in Singapore
Authors: Tan Paul , Goh Nelson , Lim Jonathan 
Published: June 2024

Abstract
This chapter introduces the history and significance of international arbitration in Singapore as a form of alternative dispute resolution. It begins by providing an overview of international arbitration, as well as the advantages and disadvantages of using commercial arbitration over other modes of dispute resolution. It also provides an overview of the legislative framework for international arbitration in Singapore alongside its salient characteristics, including Singapore’s pro-arbitration approach. Finally, it discusses the future of international arbitration in Singapore, including the recent establishment of the Singapore International Commercial Court in 2015 and the rise in investment arbitration disputes heard before the Singapore courts.
Powers of the Arbitral Tribunal
Authors: Tan Paul , Goh Nelson , Lim Jonathan 
Published: June 2024

Abstract
This chapter details the powers of the arbitral tribunal while considering Section 12 of the IAA. Section 12 establishes the express powers of arbitral tribunals to fashion the necessary orders for a fair and efficient process. This chapter examines the various types of interim orders that an arbitral tribunal may grant, such as for security for costs; discovery of documents and interrogatories; preservation, custody, or sale of property; an order for security for claim; and the tribunal’s power to adopt an inquisitorial process. It also addresses issues such as the scope of relief; the law governing applications for such interim orders; interest; and the enforceability of an arbitral tribunal’s interim orders.
Creation and Validity of Intellectual Property Rights: Jurisdiction
Authors: Torremans Paul L C 
Published: June 2024

Abstract
This chapter explores the jurisdiction of the creation and validity of intellectual property rights. It clarifies that the creation of some intellectual property rights needs the successful completion of a registration procedure. Moreover, the creation issue is closely interrelated to the scope of the intellectual property right since the right’s content is determined by the outcome of the creation process. The chapter details the application of the traditional English common law rules and the provisions of the Brussels I Regulation and Lugano Convention. It also looks into the problem of parallel validity proceedings in the English Patents Court and before the European Patent Office.
Infringement, the Internet, and Broadcasting: Jurisdiction
Authors: Torremans Paul L C 
Published: June 2024

Abstract
This chapter expounds on the jurisdiction around infringement, the internet, and broadcasting. It shows how the internet is essentially a network of computers and servers that crosses borders, which then guarantees the issues of private international law. The patents underpinning the technology have attracted much more interest than the infringement of copyright and trade marks through the actions of the users of the telephone service. Thus, copyright works and trade marks play a vital role in the business model of virtual shops. The chapter highlights how intellectual property is easily exploited, used, and infringed on a cross-border and regular basis, referencing the rapid development of AI.
Asymmetric Jurisdiction Clauses
Authors: Marshall Brooke 
Published: June 2024

Abstract
This book examines the law, theory, and practice relating to the enforceability, effects, and use of asymmetric jurisdiction clauses in international commercial contracts. The focus is on EU law, as applied by German and French courts, the English common law and the 2005 Hague Choice of Court Convention. Widespread in international contracts, asymmetric jurisdiction clauses allow one party to choose the forum for litigation after a dispute arises. The most common type requires one party to sue in a jurisdiction, named in the clause, but allows the other party to choose whether to sue there in addition to, or instead of, elsewhere. For almost a decade, the enforceability and effects of asymmetric jurisdiction clauses have been uncertain. As to enforceability, uncertainty lurks principally in seven competing decisions of France’s highest court, ostensibly on application of EU law. Uncertainty as to their effects has multiple causes: one, a suite of material changes to the EU’s Brussels I Recast Regulation, and its interpretation by English and German appellate courts; another, a number of obiter comments, by English judges, as to whether the 2005 Hague Choice of Court Convention on ‘exclusive’ jurisdiction clauses applies to asymmetric ones. Overlaying a number of these issues is how fundamental rights may intervene. This book aims to clarify the current law on asymmetric jurisdiction clauses. It also seeks to prompt practitioners and scholars to reflect carefully on how an asymmetric clause is used, and how both the clause and the law could be better designed.
Jurisdiction and types of jurisdiction by agreement
Authors: Marshall Brooke 
Published: June 2024

Abstract
This Chapter introduces exclusive, non-exclusive, and asymmetric jurisdiction clauses from an EU law and a common law perspective. It demonstrates that each type of jurisdiction clause represents a different response to uncertainties that prevail at the time of contracting. Building on that differentiation, it examines the various factors informing parties’ preferences for an exclusive, non-exclusive, or asymmetric clause. In particular, it scrutinizes the oft-made claim that option holders need the flexibility that an asymmetric clause affords them, in order to manage their substantive risk under the contract. The results of a previously unpublished empirical study on the use of asymmetric jurisdiction clauses in financial markets, together with French, German and English case law, are analysed to illuminate how, how often, and in which kinds of contracts asymmetric jurisdiction clauses are used. This analysis draws on documents from key industry associations, including the International Swaps and Derivatives Association, Loan Market Association, and International Chamber of Commerce.
Enforceability of asymmetric jurisdiction clauses before EU Member State courts
Authors: Marshall Brooke 
Published: June 2024

Abstract
Chapter number and title: Chapter 6: Enforceability of asymmetric jurisdiction agreements before EU Member State courts The core question addressed by this Chapter is whether different variants of asymmetric clauses, before EU Member State courts, cohere with the individual ‘requirements’ for enforceability, imposed by the Brussels I Recast Regulation and 2007 Lugano Convention, one of which the French Cour de cassation has repeatedly found them to infringe. Those requirements include precision of content (as per Coreck Maritime GmbH v Handelsveem BV), form and factual consensus, and substantive validity. The relevance to the latter of norms of national law including mandatory rules and public policy, standard contract terms review, article 1304-2 of the French Code civil (clauses subject to a potestative condition) and L. 442-1 I—2 of the Code de commerce (subjecting a trading partner to a significant imbalance) are examined. A subsidiary question concerns the extent to which abuse of rights doctrines, with their source in EU law and national law, affect asymmetric clauses governed by the Recast or 2007 Lugano Convention.