Securities in the system of objects of civil rights

The article analyses the legal nature of securities and the changes that occurred in the securities markets recently. Securities are shown as a means of investment and capital raising. It is argued that securities stand in the middle of traditional civil law institutes – rights in rem and rights in personam. Material securities are sold like things, whereas dematerialised securities do not belong to things or contractual claims only. Due to the dematerialisation of securities it seems unclear whether investors retain any right in rem, since there is no physical document, which used to be an object of ownership. It is argued that in order to protect investors against creditors of the intermediary, with which the investor has securities accounts, rights of the investor should be described as a kind of absolute right. This approach could deepen investors' trust in the securities and the whole financial marke