The Legal Aspects of Non-Financial Market Central Counterparties (CCP): A Case Comment on IATA v. Ansett

2011 ◽  
Author(s):  
Christian Chamorro-Courtland
Keyword(s):  
Financial Market ◽  
Legal Aspects ◽  
Central Counterparties

scholarly journals Perspectives of use of a trust fund as a form of investment under legal and economic conditions of the financial market in the Slovak Republic

2018 ◽  
Vol 2 (2) ◽  
pp. 149-154
Author(s):  
Maroš Katkovčin
Keyword(s):  
Financial Market ◽  
Slovak Republic ◽  
Common Law ◽  
Legal Aspects ◽  
Legal Order ◽  
Economic Conditions ◽  
Trust Fund ◽  
The Czech Republic ◽  
Potential Form ◽  
The Comparative Study

An institute of a trust fund is not de lege lata in the legal conditions of the Slovak Republic regulated by law. This article focuses on the analysis of perspectives of use of the trust fund as a potential form of investment under specific legal and economic conditions of the financial market in the Slovak Republic in a context of prospected recodification of the Civil Code. The analysis is based on the comparative study of transformation of the traditional common law legal system institute ofthe trust fund into the legal order of the Czech Republic with particular focus on its use as a form of investment. The author identifies potentially problematic legal aspects of enactment of the pertinent institute to the legal order of the Slovak Republic and presents his views on potential of the trust fund to be used as a collective investment scheme.

Ownership, Incentives and Regulation of CCP Risks

2016 ◽  
pp. 272-303
Author(s):  
Louise Carter ◽  
Jennifer Hancock ◽  
Mark Manning
Keyword(s):  
Risk Management ◽  
Financial Market ◽  
International Standards ◽  
Key Factors ◽  
Operating Environment ◽  
Cross Border ◽  
Factors Influencing ◽  
Emerging Trends ◽  
Central Counterparties

This chapter develops a framework to analyse the factors influencing central counterparties' (CCPs') risk controls and the role of regulation. The framework illustrates the importance of sound regulation of CCPs and helps to explain why different CCPs may make different risk management choices. Key factors include ownership, governance and the profile and preferences of participants. International standards for the design and operation of CCPs and other financial market infrastructures (FMIs) are reflected in the Principles for Financial Market Infrastructures (PFMIs). Modelling key elements of these standards, the chapter demonstrates the importance of a flexible regulatory framework that achieves the desired level of stability while allowing the mix of risk controls applied by each CCP to vary according to its particular incentives and operating environment. The chapter goes on to discuss the emerging trends towards competition and interoperability between CCPs and cross-border provision of clearing services, and consider the implications for CCPs' risk management choices.

Studying Concepts of the Breakthrough Economic Reforms in Selected Developed and Developing Countries and Regions of the World: Economic and Legal Aspects

2018 ◽  
Vol 9 (4) ◽  
pp. 1236 ◽  
Author(s):  
Еvgenia Еvgenevna FROLOVA ◽  
Sergey Sergeevich ZANKOVSKY ◽  
Mihail Nikolaevich DUDIN ◽  
Sergey Borisovich ZINKOVSKY ◽  
Aleksey Nickolaevich KIRSANOV
Keyword(s):  
Developing Countries ◽  
Financial Market ◽  
Raw Materials ◽  
Economic Reforms ◽  
Developed Countries ◽  
Legal Aspects ◽  
National Production ◽  
World Economic ◽  
Object Of Study ◽  
Japan And China

The purpose of the present article is to analyze the experience of advanced development of two Asian countries (Japan and China) based on the use of economic breakthrough concepts. The object of study in this article concerns developed and developing countries, as well as transition countries, while research subject involves concepts and models of breakthrough economic reforms in Japan and China. Through the use of several analytical methods (comparative legal and institutional analysis, economic and statistical analysis, and content analysis) we have come up to the following conclusions: economic breakthrough of contemporary developed countries is obviously linked with the technologization as well as modernization of the national production, and economic diversification; developed countries (European Union, North America, and Asia) have established special institutional frameworks (national innovation systems), which allowed creating a competitive product demanded on both the internal and external market, and increasing labor productivity through improving the quality of the workforce (social investment);there are definitely certain similarities in the economic progress of China and Japan (essential involvement of the state in economic processes), however, at the same time these countries are differed by their institutional platforms (in particular, China is open to investment, while Japan focuses on the domestic financial market and the labor market).Results: considering the applicability of economic breakthrough models of Japan and China in relation to Russia, we should note that such models cannot be simply copied to the Russian market without changes (for example, due to the underdeveloped national financial market and insufficient investment attractiveness). Therefore, we suggest in future studies to develop a number of system solutions, which can be used to diversify the Russian raw materials export-based economic model.

scholarly journals Chile

2020 ◽  
Vol 20 (160) ◽  
Author(s):  
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Commercial Banks ◽  
Financial Stability ◽  
Settlement System ◽  
Central Counterparties ◽  
Securities Settlement

The BCCh is considering broadening access to its services beyond commercial banks and some Financial Market Infrastructures (FMIs). The services include settlement accounts, intra-day liquidity, standing deposit and lending facilities, and eligibility for ELA. Banks have always had access to these services, while Central Counterparties (CCPs) and the Securities Settlement System (SSS) were granted access to a settlement account in 2009. The BCCh is considering extending its services to various types of Nonbank Financial Institutions (NBFIs) to enable it to more closely manage and mitigate financial stability risks.

scholarly journals ECONOMIC AND LEGAL ASPECTS INFLUENCING THE FINANCIAL MARKET IN SLOVAKIA

2012 ◽  
Vol 3 (1) ◽  
pp. 126-132
Author(s):  
Monika Zatrochová ◽  
Rudolf Stejskal
Keyword(s):  
Credit Risk ◽  
Key Words ◽  
Financial Market ◽  
Legal Aspects ◽  
Theoretical Knowledge ◽  
Economic Factors ◽  
Legal Rules ◽  
Time Points ◽  
Legal Questions ◽  
Important Field

As worded in the title, the contribution submitted deals with the currently important field of the financial market, which has influence on the development in EU and also in the whole world. This market follows the respective principles and aspects which have an effect on it alongside with economic and legal questions being valid only for the particular country or for all parties concerned. The theoretical knowledge and experience acquired in this field are confirmed in the contribution with results and conclusions drawn from concrete cases in the financial market in Slovakia and viewed from the aspect of the present economic period. The contribution brings conclusions and, at the same time, points out to principles which should be respected from the viewpoint of economic and legal rules during dealings and, in general, during all actions developed in the financial market. Key words: bank sector, credit risk, economic factors, financial market, labour market, legal aspects.

scholarly journals Central Counterparties from the Islamic Finance Perspective

2015 ◽  
Vol 3 (3) ◽  
pp. 27-40
Author(s):  
Jacek Karwowski
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Islamic Finance ◽  
Central Counterparties

The paper focuses on central counterparties (CCPs) becoming the buyer to everyseller and the seller to every buyer and thereby ensuring the performance of opencontracts. The role of CCPs increased considerably after outbreak of the crisisin 2008.In 2012 BIS and IOSCO published the Principles for financial market (post-trade)infrastructures. The aim of the paper is to find out whether, and if yes – to whatextent, the mentioned principles have to be modified when applied to CCP servingIslamic financial institutions. It seems that all principles are appropriate forIslamic finance, however some of them should be modified in order to be Shariacompliant.Moreover, in some cases the modification might also be difficult dueto lack of standardized instruments.

Ownership, Incentives and Regulation of CCP Risks

2018 ◽  
pp. 489-521
Author(s):  
Louise Carter ◽  
Jennifer Hancock ◽  
Mark Manning
Keyword(s):  
Risk Management ◽  
Financial Market ◽  
International Standards ◽  
Key Factors ◽  
Operating Environment ◽  
Cross Border ◽  
Factors Influencing ◽  
Emerging Trends ◽  
Central Counterparties

This chapter develops a framework to analyse the factors influencing central counterparties' (CCPs') risk controls and the role of regulation. The framework illustrates the importance of sound regulation of CCPs and helps to explain why different CCPs may make different risk management choices. Key factors include ownership, governance and the profile and preferences of participants. International standards for the design and operation of CCPs and other financial market infrastructures (FMIs) are reflected in the Principles for Financial Market Infrastructures (PFMIs). Modelling key elements of these standards, the chapter demonstrates the importance of a flexible regulatory framework that achieves the desired level of stability while allowing the mix of risk controls applied by each CCP to vary according to its particular incentives and operating environment. The chapter goes on to discuss the emerging trends towards competition and interoperability between CCPs and cross-border provision of clearing services, and consider the implications for CCPs' risk management choices.

scholarly journals Some Selected Legal Aspects of the Activity Rules in Relation to the Financial Agent´s Clients

2017 ◽  
Vol 10 (38) ◽  
pp. 188-195
Author(s):  
Andrea Slezáková
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Financial Intermediation ◽  
Legal Aspects ◽  
Regulatory Requirements ◽  
Market Segments ◽  
Continuous Education ◽  
Legitimate Interests ◽  
Professional Care ◽  
Business Relations

Abstract The activities of financial agents deserve our attention as we can currently observe their growing share on the intermediation of financial services. The quantity of products and services offered by financial market segments requires a continuous education and the monitoring of the current legislation. Financial agents help their clients to find a financial product, which fulfills their specific needs. The client´s decision depends on the extent of the information a financial agent provides to him. The legislator imposes an obligation to act when performing financial intermediation in compliance with the principles of fair business relations, with professional care and in the interest of rights and legitimate interests of a client. However, the legislation does not define these terms. This paper aims to outline and analyze procedures in order to perform financial intermediation in accordance with regulatory requirements.

scholarly journals The legal regulation for issuing financing sukuk: Analytical study in the Saudi system: التنظيم القانوني لإصدار صكوك التمويل: دراسة تحليلية في النظام السعودي

2021 ◽  
Vol 5 (1) ◽  
Author(s):  
Hoor Abdullah Al-Shikhi
Keyword(s):  
Saudi Arabia ◽  
Financial Market ◽  
Analytical Approach ◽  
Analytical Study ◽  
Islamic Law ◽  
Legal Regulation ◽  
Legal Aspects ◽  
Market System ◽  
Kingdom Of Saudi Arabia ◽  
Legal Texts

This study aimed to clarify the legal aspects of issuing financing sukuk in the Saudi financial market. Because of its important stages, the procedures of which have not been studied in detail and criticized; In the absence of clear legal regulation for it. To address the problem posed therein, this study followed the analytical approach, by analyzing the legal texts related to financing instruments in the Saudi financial market system and its implementing regulations. To demonstrate the appropriateness of these general procedures, usually related to all securities, to be applied to financing sukuk. This study reached conclusions, the most important of which is that the Saudi regulator did not stipulate any condition that must be met in the financing sukuk project or that the project be within the Kingdom of Saudi Arabia, whether the issuing authority is a Saudi or foreign company. Contracts subject to the provisions of Islamic law. In light of the results of this study, it recommended that the regulatory authorities organize the financing sukuk project and organize the documents and evidence necessary for it related to assets and assets located outside the Kingdom. It also stipulated the necessity of stipulating that the contracts issued in the financing instruments are contracts that are subject to the provisions of Islamic law, especially since the Kingdom adopts the provisions of Islamic law in its dealings.

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