This work is the result of my doctoral research, accepted as a doctoral dissertation by the Faculty of Law of the University of Hamburg in Summer Semester 2011. This book concerns a comparative analysis of intermediated securities and the intermediated systems (also known as the indirect holding systems) of major jurisdictions from the perspectives of substantive law and private international law. This book maintains that the current German and Korean intermediated systems, which were constructed based upon the traditional German property law model, are outdated, since tangible securities certificates (Wertpapiere) lost their original functions, and intangible credit book-entries, termed as account securities in this book, replace the functions of securities certificates in the intermediated systems. With a view to discovering proper substantive and conflict of laws rules for the German and Korean intermediated systems, to render them legally certain, sound, efficient and interoperable, this book further analyses two important international instruments, the Geneva and Hague Securities Conventions, the current EU regimes, and the U.S., Japanese and Swiss intermediated systems, ultimately proposing an internally dematerialised system that recognises functions of intangible book-entries, which replace functions of securities certificates. This approach to dealing with issues associated with intermediated securities may suggest ways to tackle the problem that legal theories and rules designed and developed resting on tangibles no longer fit legal issues arising in the Information Age and the knowledge-based society.