Financial collateral -- an opportunity missed.

The Financial Collateral Arrangements (No 2) Regulations 2003 have recently been amended to include credit claims as financial collateral, to provide a partial definition of "possession" and to allow the claims of a person holding floating security on financial collateral to rank ahead of claims ranking as administration and liquidation expenses. This article analyses the effects of these changes and identifies other changes which were not made - the opportunity missed. [ABSTRACT FROM AUTHOR]