Financial collateral is a concept that starts from the idea of traditional security interests and is then developed considerably further. Security interests are restricted in their scope of application and typically impose a number of requirements and limitations on the creditor (security taker)...

The law governing various aspects of securities holding and disposition was, and still widely is, purely national law, whereas the relevant markets were highly internationalised and securities were transferred and pledged cross-border all the time. Against this background, the EU adopted the...