This work analyses the law and regulation relating to financial investments, their markets, payment and settlement systems, as well as the duties and liabilities of intermediaries, providing invaluable legal and practical guidance regarding legal risk and the protection of the investor. The book is divided into three parts. Part I categorises the various financial assets legally and analyses their legal, regulatory, and risk/return properties, and examines what protections are available to investors who own financial assets. It also addresses the investment principles that underpin the investment processes. Part II addresses the process by which financial assets may be acquired and disposed of via the markets and the market infrastructure, including central counterparty and clearing features as well as payment and settlement systems. It analyses the risks investors face in the context of trading and settlement. The impact of the principles and risks, described in Parts I and II respectively, inform the scope of the duties, responsibilities and liabilities of the intermediaries that advise investors. Part III focuses on the role of these intermediaries, tying together the constituent components of the investment cycle from the investor's point of view and examining the quality of investor protection, service, proprietary protection and regulatory supervision. Written by a specialist with broad market experience this book is an essential purchase for all lawyers advising investors, financial advisors and investment managers.