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Abstract
This chapter describes the efforts of the International Institute for the Unification of Private Law (UNIDROIT) to deal with a major change in capital markets that has occurred over the past thirty years, specifically the intermediated holding of securities. The product of the organization’s work is the draft UNIDROIT Convention on Intermediated Securities (Convention). The chapter first describes this change in the pattern of securities markets, then describes the status of work on the Convention, including a conceptual analysis of today’s market in intermediated securities. It then summarizes the overarching objectives of the Convention: internal soundness and cross-border compatibility. Finally, the chapter presents a summary of the provisions and structure of the Convention.
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