Cross-Border Securitization: Without Law, But Not Lawless
Cross-border securitization is a particularly useful subject for examining legal change, especially in a state environment. Actors in securitization have an enormous degree of freedom to choose their theater of operations in an overall changing legal environment. Their "raw material" is capital-a highly transferable commodity-and their theater of operations is the globe. Yet they need predictable rules and standards in order to operate efficiently. The actors can usually utilize existing legal forms and apply them to any one of the discrete components of securitization without necessarily affecting the entire law applicable to the other components in the process: Therefore, the evolution of securitization law may help provide insight into legal change in similar areas.