Text

Underlying these legal niceties is a hard-nosed business issue: who owns what, and in which order, in the event of a bankruptcy? In a world of segregated accounts, direct ownership is easy to establish. In the Anglo-Saxon model, however, and in fluid financial markets where collateral is constantly exchanged between counterparties, the issue can be moot. It is particularly moot where the two legal systems overlap, as they do every time a money manager in London trades with one in Frankfurt. Suppose that you pledge shares as collateral for a loan, and later want to reverse the trade. If your counterparty goes bankrupt before your shares have been returned, who owns them? Such problems present serious barriers to an integrated cross-border securities market and will not easily be overcome. And even if Britain joins the euro, these legal issues will still need to be resolved.

The main idea of the paragraph

Because of the difference of laws of different nations in the ownership of securities, the realistic issues of who owns what, and in which order, in the event of a bankruptcy and some other issues present serious barriers to an integrated cross-border securities market.

由于不同国家的法律在证券所有权方面的差异，诸如一旦公司破产谁拥有什么以及以什么顺序拥有等现实问题和一些其它的问题就成为建立国际间证券市场的严重障碍。

句子分析

It is particularly moot where the two legal systems overlap, as they do every time a money manager in London trades with one in Frankfurt.

在此句中
1）“It is particularly moot”是主句
2）“where the two legal systems … one in Frankfurt”是地点状语从句，其中 “as they do every time a money manager in London trades with one in Frankfurt”是方式状语从句，修饰“overlap”，在方式状语从句中含有一个以“every time”引导的时间状语从句“every time a money manager in London trades with one in Frankfurt”，修饰“do”

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• Summary