Центральний контрагент як професійний учасник ринків фінансових послуг / Central Counterparty as a Professional Participant in Financial Services Markets
Journal Title: Журнал східноєвропейського права - Year 2018, Vol 53, Issue
Abstract
The article clarifies the importance of such legal categories as clearing, clearing activity and centralized clearing. As a result of the analysis of definitions of the concepts of the central counterparty and centralized clearing, the actual definition of these categories is proposed. Centralized clearing - financial clearing service organizations accounting the rights and obligations of clearing participants, their clients and counterparties to contracts of financial instruments, determination and termination of mutual obligations under the contracts of financial instruments using the established risk management system of non-performance or improper performance of obligations by clearing participants. A central counterparty is defined as a legal entity that provides a financial clearing service on the basis of a license to conduct clearing activities and a license of the National Bank of Ukraine for the performance of certain banking operations and acts as one of the parties to the agreements on financial instruments that are admitted to clearing. Given the specificity of financial services to centralised clearing, it is advisable to legally distinguish and separately to regulate the legal status of a clearing organization and Central counterparty. The legal status of the Central counterparty lack of regulation and require legislative consolidation of additional requirements to the persons performing the functions of a Central counterparty. The main shortcomings of the legal regulation of economic relations centralised clearing, and proposals for their elimination.
Authors and Affiliations
Anastasiya Popova
Keywords
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- EP ID EP624450
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