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.