Introduction -- The New Order -- Developments of the Securities Markets -- The Use of Collateral in the Securities Markets -- Property Rights in Securities and the Doctrine of Specificity under English Law -- Property Rights in Securities and the Doctrine of Specificity under Swedish Law -- Property Rights in Securities and the Doctrine of Specificity under US Law -- Securities as Property -- Property Rights in Securities and the Doctrine of Specificity: A Comparative Analysis with an Outlook De Lege Ferenda.