The legal structure and regulation of securities lending (Pt 1)

Securities lending is the temporary transfer of securities(mainly shares) from one party to another. At theconclusion of the loan, the borrower is required to deliverequivalent securities to the lender. Securities lending isan important and growing part of global market activity.While it is said to perform valid and useful functions suchas increasing market liquidity, many—particularly duringthe global financial crisis—have expressed concerns thatit also leads to market instability. Concerns with securitieslending have focused primarily on its role in facilitatingshort selling. During the global financial crisis, marketsand regulators were concerned about the potentialdestabilising effect of short selling on financial markets.1Regulators across the globe took action to ban naked andcovered short selling.This article undertakes a comprehensive examinationof the legal structure of securities loans in Australia. Itexamines securities lending in Australia and other majorfinancial markets, namely Europe, the United Kingdomand United States. This article examines the Australian and international industry standard form contracts. It alsoconsiders the current regulatory environment for securitieslending in Australia.

The legal structure and regulation of securities lending (Pt 2)

connection with the collapse of Opes Prime in Australiaand the Australian Federal Court decision whichconsidered the legal characterisation of securities loans.The Opes Prime collapse provoked huge controversyregarding the role of securities lending and the ensuingcourt decision was the first judicial examination ofsecurities lending in Australia.1 The article also considersthe regulatory responses to securities lending and shortselling taken by the International Organisation ofSecurities Commissions (IOSCO) and in Australia, theUnited Kingdom, Europe and the United States duringthe global financial crisis.

The legal structure and regulation of securities lending

This paper examines the legal structure of securities lending in Australia, and also Europe, the United Kingdom and United States. It provides an analysis of the widely used industry documents, the Australian Master Securities Lending Agreement and the Global Master Securities Lending Agreement (GMSLA). It outlines the regulation of securities lending and short selling, including restrictions on short selling and the applicable disclosure requirements. It discusses the collapse of Opes Prime and the key Federal Court decision which considered the legal effect of the AMSLA. It also outlines the regulatory responses to securities lending and short selling taken by IOSCO, in Europe, the United States and the United Kingdom during the global financial crisis.

Salesperson work engagement and flow : a qualitative exploration of their antecedents and relationship

Purpose – The purpose of this paper is to provide an interpretation of the lived experiences of salespersons’ work engagement and work-related flow and how these states are related. Design/methodology/approach – A mixed-methods qualitative investigation on a sample of 14 salespeople from a large Australian-based consumer goods enterprise was conducted. Using interpretative phenomenological analyses and ethnographic content analyses the antecedents and conditions for salesperson work engagement and work-related flow were investigated. Findings – The data showed that affective, cognitive and conative dimensions underpinned the experience of work engagement and work-related flow. Work engagement was interpreted as an aroused and self-regulated psychological state of energy, focus and striving aimed to address the situational and task relevant opportunities and demands encountered. Work-related flow was characterized by passion, absorption, eudaimonia and automatic self-regulation of goal pursuit. Research limitations/implications – The sample was from a single manufacturing organization with sales roles focussed primarily on business-to-business selling, and as such the generalizability of results to salespeople working in different contexts (e.g. retail sales, telesales) needs to be established. Practical implications – The research helps sales managers to take more account of the conditions that foster salesperson engagement and flow. Originality/value – This study represents one of the first attempts to interpret, compare and contrast the lived experience of salesperson work engagement with that of work-related flow. The study also adds to the relative paucity of research published on work engagement using qualitative methods.

Politics, religion and morals: the symbolism of public schooling for the urban middle-class identity

Research points to sections of the middle-class repopulating the ‘ordinary’ urban public school and whilst there are key differences in how they are navigating public school choices, from ‘seeking a critical mass’ (Posey-Maddox, Kimelberg, and Cucchiara 2014) to resisting traditional methods of choice and going ‘against-the-grain’ (Reay, Crozier, and James 2013), or collectively campaigning for a brand new public school, the urban middle-class are developing contemporary methods to challenge the existing ways of thinking about middle-class choice. Drawing on this literature, this paper explores the symbolism of public schooling for relatively affluent choosers in the city of Melbourne, Australia. The positioning of public schooling as essentially secular and liberal indicates how the public school is valorised within the contemporary market place. Within a market that tends to under-sell the public school, the perceived lack of organized religion and progressivism may be the unique selling point for the cosmopolitan, globalized consumer.