shared pool latch

Hi guys
The following questions are confusing me,please could someone give explanation 
on the below

1)Is librarycache latch held during the whole process of parse,execute and 
fetch phases ,
or it is held upto the time searching for the object in hash table and release.

2)session_cached_cursor caches the child cursor or parent cursors also.

3)While doing hard parse which latch is acquired ,shared pool or library cache 
latch or both,
if it is both which latch will be acquired first?

Thanks in advance
Syed

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