This book focuses on the legal implications of how assets are held on behalf of investors by other parties (such as brokers, investment managers, specialist custodians and central depositaries) and in particular how the chosen method affects the legal rights of the investor over the assets in question. The impact of immobilisation, dematerialisation, fungible holdings and settlement practices are all considered. The book also covers the effect of the use of custody assets for security, the duties of custodians, the remedies of investors, cross-border custody and the regulatory response to custody business. An authoritative work for practitioners, academics and reference libraries specializing in financial services, banking and investment law, both in the UK and internationally, it provides one of the clearest and most up to date analyses of these subjects available.