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1
Klementiev, A. Р. "Over-the-Counter Derivative Financial Instrument as an International Commercial Contract." Moscow Journal of International Law, no. 1 (April 2, 2025): 171–82. https://doi.org/10.24833/0869-0049-2025-1-171-182.
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INTRODUCTION. Derivative financial instruments (derivatives) are in high demand in international commercial turnover. Although the economic and legal literature presents the point of view that derivatives can exist in the form of securities, the most common is the contractual approach to derivatives. According to this approach, derivatives are commercial contracts, the value of which depends on a certain variable known as the underlying or base asset. In some cases, derivative contracts have cross-border nature and thus they can be viewed as international commercial contracts. Despite the existence of Russian-language derivatives studies published by Russian legal scholars, derivative financial instruments are usually considered in domestic rather than international context. In the present publication, the author makes an attempt to fix this gap and analyzes transactions with derivatives as international commercial contracts accompanying cross-border movement of goods and services. The main emphasis in the article is made on standard templates used by the parties to contracts that are derivative financial instruments.MATERIALS AND METHODS. The author used 2002 ISDA Master Agreement as a basic source for the present article. This agreement is the most recent version of a standard framework contract for derivatives trading in international financial markets. The methodological base of the publication is represented by general scientific methods (analysis, synthesis, induction, deduction) as well as specific legal research methods. In particular, formal legal method was employed for the literal interpretation of the provisions of the standard documentation, while historical method was invoked to describe the evolution of standard derivative market templates. Apart from that the author employed statistical methods to evaluate the volume of derivatives market and the place that standard contracts have in over-the-counter derivatives trading.RESEARCH RESULTS. The article claims and proves that over-the-counter derivative transactions can be defined as international commercial contracts that fall under the scope of international private law. Over-the-counter derivatives transactions are concluded based on standard templates containing provisions related to dispute resolution and applicable law. The research made covered such issues as contractual parties, the form of cross-border derivative transaction, the contents of the contract as well as the liability following the breach of contractual obligations. The key feature of these agreements is the possibility of early termination through close-out netting. Another feature is the flexibility when concluding transactions as they may be entered into orally while the failure to deliver a formal document evidencing the terms of the trade does not lead to the invalidity of the transaction itself.DISCUSSION AND CONCLUSIONS. The author comes to conclusion that ISDA standard templates are widely used in international trade. This fact is evidenced by case law as all doctrinal sources. However following the introduction of unilateral restrictive measures adopted by foreign states, the ISDA role in contractual regulation of derivative trading will decrease due to their unavailability to Russian parties.
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Eid, Ali Haitham. "Development of exchange and over-the-counter derivatives of financial instruments in Russia." Vestnik Universiteta, no. 12 (February 3, 2022): 151–56. http://dx.doi.org/10.26425/1816-4277-2021-12-151-156.
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Since there is an active trend of increasing derivative instruments in the Russian derivatives market, the object of this study was exchange-traded and over-the-counter derivatives in Russia, and the purpose of the study – the development of their application. To achieve this goal, such scientific research methods as analysis, comparison, description and historical method are used. The most important conclusions of the study are that the derivatives market has developed rapidly since 2013, but in 2021 it witnessed a significant increase due to the appeal of a large number of investors to invest in financial markets, and due to increased concern about the volatility of the exchange rate, due to which many dealers dealing in derivatives buy these instruments sometimes for the purpose of hedging, and at other times for the purpose of speculation or both.
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Hau, Harald, Peter Hoffmann, Sam Langfield, and Yannick Timmer. "Discriminatory Pricing of Over-the-Counter Derivatives." IMF Working Papers 19, no. 100 (2019): 1. http://dx.doi.org/10.5089/9781498303774.001.
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Rausser, Gordon, William Balson, and Reid Stevens. "Centralized clearing for over‐the‐counter derivatives." Journal of Financial Economic Policy 2, no. 4 (2010): 346–59. http://dx.doi.org/10.1108/17576381011100865.
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Vićić, Marija. "Legal regulation of OTC financial derivatives trading." Strani pravni zivot, no. 2 (2021): 215–30. http://dx.doi.org/10.5937/spz65-30645.
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Author explains legal regulation of OTC financial derivative trading on the leading financial markets (USA and EU) as well as shows uniform regulations developed in international legal environment, and separately explains legal framework of the said question in positive Serbian law. Author elaborates main current legal issues related to financial derivatives transactions on the OTC market to which domestic participants are exposed during the operations in Serbian territory but also in cross-border operations. Finally, the author provides concrete proposals for further improvement of disputable legal issues by amending the regulatory framework in line with comparative legal regulations and regulations developed by the international community. Purpose of this article is to bring the attention of legal experts in Serbia to certain inefficient solutions in currently applicable legal regulations related to financial derivatives on the OTC Market, as well as to serve to legal practice as guidance for practical solving the disputable legal issues in particular transactions which have become frequent also for domestic participants on the capital market.
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Smith, Mark R. "Basic Derivatives for the Oil and Gas Company." Alberta Law Review 39, no. 1 (2001): 152. http://dx.doi.org/10.29173/alr511.
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This article provides a general overview of some of the basic derivatives available to oil and gas companies. The author begins by defining what a derivative is and briefly summarizing four basic kinds derive, of derivatives. The author offers other examples of derivative products and illustrates how oil and gas companies can design and utilize these products to meet their individual needs. The article includes a discussion of the 1SDA master agreement, which is used for most over-the-counter derivative contracts. As well, the article outlines some of the key regulatory provisions governing and affecting derivatives, with particular emphasis on Alberta.
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Dew, James Kurt. "Futures-friendly derivatives: a fix for the over-the-counter derivatives mess." International Journal of Financial Innovation in Banking 1, no. 1/2 (2016): 99. http://dx.doi.org/10.1504/ijfib.2016.076627.
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주강원. "A Study on Regulation of Over-the-counter Derivatives." Journal of hongik law review 13, no. 1 (2012): 709–33. http://dx.doi.org/10.16960/jhlr.13.1.201202.709.
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Lin, Li, and Jay Surti. "Capital Requirements for Over-the-Counter Derivatives Central Counterparties." IMF Working Papers 13, no. 3 (2013): 1. http://dx.doi.org/10.5089/9781475535501.001.
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Singh, Manmohan, and Miguel A. Segoviano Basurto. "Counterparty Risk in the Over-The-Counter Derivatives Market." IMF Working Papers 08, no. 258 (2008): 1. http://dx.doi.org/10.5089/9781451871166.001.
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Lin, Li, and Jay Surti. "Capital requirements for over-the-counter derivatives central counterparties." Journal of Banking & Finance 52 (March 2015): 140–55. http://dx.doi.org/10.1016/j.jbankfin.2014.08.015.
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Anvarjonov, Nosirjon Nodirjon o'g'li Nasriddinov Diyorbek Abduvohid o'g'li Sharipova Umida Adxamovna. "DERIVATIVE FINANCIAL INSTRUMENTS AS RISK HEDGING." «Zamonaviy dunyoda ijtimoiy fanlar: nazariy va amaliy izlanishlar» nomli ilmiy, masofaviy, onlayn konferensiya 1, no. 24 (2022): 109–17. https://doi.org/10.5281/zenodo.7221032.
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The article discusses the problems of the development of derivative financial instruments in the global economy. The analysis of the current state of the exchange and over-the-counter markets of derivative financial instruments is carried out. The legal regulation of the derivatives market in international and Russian banking practice is considered. The paper also identifies the main trends in the development of the derivatives market in modern conditions, justifies the need for a new approach to their regulation in the Russian financial market.
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Chen, Christopher. "Over-the-Counter Derivatives Regulation in Hong Kong and Singapore." Brill Research Perspectives in International Banking and Securities Law 1, no. 4 (2019): 1–50. http://dx.doi.org/10.1163/24056936-12340006.
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Abstract In this article, Dr Christopher Chen examines and compares the regulation of over-the-counter derivatives in Hong Kong and Singapore, the two largest international financial centres in Asia Pacific. Dr Chen analyses current or proposed regulations on trade reporting, centralised clearing and mandatory exchange trading mandates regarding OTC derivatives against the backdrop of reforms of international financial regulatory structure after the global financial crisis. The article also relates the reforms in Asia to development in major Western markets such as the U.S., U.K. or European Union. Apart from technical comparison and dissecting of content of rules from different angles, this article also examines the rationale behind those reforms and policy concerns behind Asian adoption of the regulatory mandates prescribed by G20 as well as potential policy concerns (such as competition and extraterritoriality) in a market that is dominated by Western banks.
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Agrawal, Anshul. "The Extent of Mitigation of Risks through Regulation of Over-the-Counter (OTC) Derivative Markets in Different Jurisdictions." Christ University Law Journal 3, no. 1 (2014): 61–82. http://dx.doi.org/10.12728/culj.4.5.
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Over the last decade dealing with derivative financial
 instruments (basically forwards, futures, options and
 combinations of these), particularly in the Over-The-
 Counter derivatives market has become a central activity
 for major wholesale banks and financial institutions.
 Major new regulatory initiatives are under consideration
 in various jurisdictions and also adopted in some, as a
 means for increasing transparency and reducing the
 various types of risks involved in OTC derivative trading.
 This paper tries to understand the concept of derivatives
 as a whole. The main aim of the paper will be to analyze
 the different types of risks that are involved in OTC
 derivative trading. It will put forward these risks in a
 manner so as to enable the reader to get an in depth study
 of the risks in OTC derivative market through qualitative
 and quantitative research. As mentioned above, this
 paper will then focus on the regulatory regimes of three
 major jurisdictions i.e. India, United States and Europe
 and will conclude that these regulations are sufficiently
 able to mitigate these risks in their respective
 jurisdictions. Lastly, certain measures are recommended
 for different jurisdictions so as to further increase the
 ambit of sufficiency in mitigating the risks involved.
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Klementiev, Alexey P., and Alexander A. Geda. "Legal Opinions Within the process of Contractual Unification in Over-the-counter Derivatives Market." Zakon 22, no. 5 (2025): 189–98. https://doi.org/10.37239/0869-4400-2025-22-5-189-198.
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The article discusses the practice of preparing legal opinions commissioned by the International Swaps and Derivatives Association as a benchmark for working with other framework contracts. The authors analyse the specifics of obtaining foreign legal opinions in the international OTC derivatives market. This article will be of interest to lawyers and employees of commercial banks and Russian companies that use derivatives in their activities.
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Bobkov, Kirill A. "Smart contracts in OTC derivatives trading: Legal aspects." Digital Law Journal 1, no. 3 (2020): 51–64. http://dx.doi.org/10.38044/2686-9136-2020-1-3-51-64.
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The articles focuses on opportunities and problems connected with implementation of smart contracts into “over-the-counter” derivatives trading. The importance of success of professionals who work on this cannot be underestimated: the volume of “over-the-counter” derivatives market is huge, its automatization and transparency provided by implemented smart contracts could dramatically increase its economic efficiency. In this study, the author aims at answering the following question: what aspects of “over-the-counter” derivatives trading could take a quantum leap because of the implementation of smart contacts and, per contra, what aspects could not benefit from implementation of underlying technologies at all. The author starts with the overview of “over-the-counter” derivatives market, investigates the matter of its internal design, main features and the structure of legal documentation used by market participants. Then the article provides the analysis of smart contract phenomenon, summary of its engineering aspects and difficulties connected with the implementation of smart contracts as a practical matter, including underlying legal issues. The third part is a synthesis of ideas indicated in previous parts. Herein the author examines the perspectives of adoption of smart contracts in “over-the-counter” derivatives trading, identifies the problems that cannot be resolved yet: different parts of legal relations existing between market participants shall be structured in a flexible way and shall be subject to revision under specific conditions. Smart contracts in their turn cannot be considered as a flexible tool and the revision of their terms requires the input from highly experienced specialists that dramatically increases the costs of their implementation and maintenance. As a matter of conclusion, the author gives recommendation to potential developers of smart contacts to implement them only in relation to the automatization of payments and deliveries as at the moment the clearing can be considered as the most appropriate area for the implementation and use of smart contracts.
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Albert, Joseph, Alfred Francfort, and Hugh Hobson. "Contingent-Claim Interpretation of Leases on Real Assets." Journal of Finance Issues 4, no. 1 (2006): 61–68. http://dx.doi.org/10.58886/jfi.v4i1.2473.
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Real estate leases often contain contingent rights that may accrue to either the lessee or the lessor. This paper looks at how these contingent claims can be viewed as the equivalent of exchange traded, and over-the-counter, derivative instruments. It is shown that with this equivalence the potential for derivatives written on real estate represents a major market opportunity for these contracts. The paper also briefly examines how the underlying asset price may be measured, which has been the primary impediment to the development of a real estate derivatives market.
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Schwegler, Stefan, and Suzette Viviers. "Derivatives in South Africa – an empirical investigation." Risk Governance and Control: Financial Markets and Institutions 1, no. 1 (2011): 68–84. http://dx.doi.org/10.22495/rgcv1i1art5.
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This paper, which is the second of a two-part series, presents the empirical findings of testing a number of variables influencing investors’ decisions to use derivatives in their portfolios. Five variables were deemed very important by a sample of 21 experts in the financial services industry in South Africa. These were: the level of information available (including the transparency of price determination); investor’s knowledge of different derivative instruments; investor’s level of risk tolerance; the level of liquidity in the market; and investor’s knowledge of and familiarity with financial markets. Education is required to change negative sentiments regarding derivatives and more regulation is called for, especially in over-the-counter markets.
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Singh, Manmohan. "Making the over-the-counter derivatives markets safe: a fresh look." Journal of Financial Market Infrastructures 1, no. 3 (2013): 55–69. http://dx.doi.org/10.21314/jfmi.2013.013.
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Bardoscia, Marco, Ginestra Bianconi, and Gerardo Ferrara. "Multiplex network analysis of the UK over‐the‐counter derivatives market." International Journal of Finance & Economics 24, no. 4 (2019): 1520–44. http://dx.doi.org/10.1002/ijfe.1745.
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Krasnova, Marharyta. "STATE AND PROSPECTS OF THE DERIVATIVES WORLD MARKET DEVELOPMENT." Three Seas Economic Journal 2, no. 3 (2021): 38–44. http://dx.doi.org/10.30525/2661-5150/2021-3-6.
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The purpose of the paper is to determine the current state of the global derivatives market in the context of structural and dynamic processes and to substantiate the prospects for its further development, given the existing global challenges. Methodology. The research is based on analysis and comparison of data from the Bank for International Settlements (BIS) for the period from 2000 to 2020. The paper uses methods of correlation analysis to establish the relationship between the state of the world economy and the size of the derivatives market. The method retrospective study of the dynamic series was applied to structure information of derivatives world market development. To reveal the features, the specifics of the usage of various mechanisms and tools for the distribution of derivatives, and established the differences between exchange and over-the-counter trading article applies elements of structural analysis. The results of the study showed the importance and scale of the global derivatives market for the global economy. They allowed us to reveal a close relationship between market size and world GDP and assess the structural features of the market. Accordingly, the derivatives market development has been periodized since 2000. Its structural features have been revealed in terms of the type of transactions, underlying asset, place, and currency of derivatives trading, their maturity, etc. Consequently, a significant predominance of OTC derivatives trading has been found, due to greater flexibility of instruments and less formalized control. The predominance of different types of derivative instruments in different segments of the market has been determined. Practical implications. The obtained conclusions are of interest in terms of monitoring the world derivatives market. They allow the correct assessment of the processes occurring in the market and respond to them rationally. The scientific confirmation of the connection between the size of the world economy and the market for derivative financial instruments is of particular practical importance. Systematization of market reform directions allows a better understanding of the ongoing processes in the over-the-counter derivatives market. Value/originality. The value of the article lies in the complexity of the analysis of the state and prospects of the derivatives world market development. It is provided through a detailed structural analysis, extrapolated to measures of market system transformation, as well as possible prospects for its further development.
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Bouveret, Antoine, Davide Di Nello, Jordi Gutierrez, and Martin Haferkorn. "EU Energy derivatives markets: Structure and risks." Financial Stability Review, Issue 44 (Spring 2023) (May 30, 2023): 37–66. http://dx.doi.org/10.53479/33795.
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Energy derivatives markets were thrown into turmoil following Russia’s invasion of Ukraine, as the prices of natural gas and power soared amid high volatility and a significant deterioration in market liquidity. Prices surged in March 2022, before declining in Spring and then rebounding to reach historical peaks at end-August 2022. The sharp price increases triggered large margin calls on derivatives positions, resulting in liquidity stress for some firms using derivatives as hedges against price declines, energy utilities in particular. The liquidity demands were so high that some EU countries introduced public support mechanisms in the form of loans and public guarantees, and a few energy firms were bailed out. Therefore, it is crucial to understand the structure and functioning of energy derivatives markets. This article provides an overview of EU energy derivatives markets and assesses the risks for financial stability. Unlike other financial markets, non-financial corporates play a key role in energy markets by trading on exchanges and over the counter. The market is characterised by a high degree of concentration in clearing and trading activities, as evidenced by network analysis, and some energy firms hold relatively large positions in the market. In this context, liquidity and concentration risks are among the main vulnerabilities identified, along with data fragmentation and data gaps. The recent migration of some of this activity from exchange-traded to over-the-counter derivatives markets raises concerns over limited transparency and more bespoke margin and collateral requirements.
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Barbedo, Claudio Henrique, Octávio Bessada Lion, and Jose Valentim Machado Vicente. "Apreçamento de Opções Asiáticas de Taxa de Juros através de um Modelo HJM de Três Fatores." Brazilian Review of Finance 8, no. 1 (2010): 9. http://dx.doi.org/10.12660/rbfin.v8n1.2010.1387.
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Pricing interest rate derivatives is a challenging task that has attracted the attention of many researchers in recent decades. Portfolio and risk managers, policymakers, traders and more generally all market participants are looking for valuable information from derivative instruments. We use a standard procedure to implement the HJM model and to price IDI options. We intend to assess the importance of the principal components of pricing and interest rate hedging derivatives in Brazil, one of the major emerging markets. Our results indicate that the HJM model consistently underprices IDI options traded in the over-the-counter market while it overprices long-term options traded in the exchange studied. We also find a direct relationship between time to maturity and pricing error and a negative relation with moneyness.
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Hasibul, Islam, Rana Masud, Kumar Sarker Nayan, and Abu Bakor Siddique Md. "Does Bangladesh Need to be Established Derivatives Markets?" Journal of Economics and Business 3, no. 2 (2020): 625–36. https://doi.org/10.31014/aior.1992.03.02.226.
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Derivatives are very cardinal agreement, not just for the purpose of investors but for the overall economies. They excellently affect the general execution of a nation's economy and along these lines the global economy. The world derivative markets are gigantic and it has developed widely in the last decades in both developed economy and rising economy. Derivative markets protect bonds, currency, equity, and short-term interest rate assets from various risks. Bangladesh is a developing country it has an emerging economy. It is necessary to establish derivative market in Bangladesh. In our article, we discuss about theoretical framework such as different derivative products, benefits, and limitations of derivative markets. We also analyze six countries (Australia, Canada, Hong Kong, India, Japan, and US) derivative annual turnover. We see both exchange-traded derivative turnover and over-the-counter turnover. We find that every countries annual turnover increase in present year as compared to previous year. In the last part of our study, we are recommending some essential requirements sequentially to establish derivative market in Bangladesh.
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Stulz, René M. "Credit Default Swaps and the Credit Crisis." Journal of Economic Perspectives 24, no. 1 (2010): 73–92. http://dx.doi.org/10.1257/jep.24.1.73.
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Many observers have argued that credit default swaps contributed significantly to the credit crisis. Of particular concern to these observers are that credit default swaps trade in the largely unregulated over-the-counter market as bilateral contracts involving counterparty risk and that they facilitate speculation involving negative views of a firm's financial strength. Some observers have suggested that credit default swaps would not have made the crisis worse had they traded on exchanges. I conclude that credit default swaps did not cause the dramatic events of the credit crisis, that the over-the-counter credit default swaps market worked well during much of the crisis, and that exchange trading has both advantages and costs compared to over-the-counter trading. Though I argue that eliminating over-the-counter trading of credit default swaps could reduce social welfare, I also recognize that much research is needed to understand better and to quantify the social gains and costs of derivatives in general and credit default swaps in particular.
26
Klementyev, Aleksey P. "The development of an insolvency privilegle for derivatives in German law." RUDN Journal of Law 27, no. 2 (2023): 453–67. http://dx.doi.org/10.22363/2313-2337-2023-27-2-453-467.
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The article outlines the development of insolvency privilege with respect to derivatives under German law in its historical perspective. It traces the evolution of special privilege from the moment when it was first announced in the German insolvency statute (Insolvenzordnung) and came into force on August 1, 1994, up to the moment when legislative provisions securing the functioning of derivatives in insolvency context were amended in response to the 2016 Federal Court of Justice Verdict. This court ruling ended the long-standing consensus on “friendliness” of the German insolvency law to derivatives and other financial transactions. German highest court concluded that contractual clauses on the termination of obligations under derivative contracts in the event of bankruptcy are invalid unless their legal result is identical to the one prescribed by law. This court decision created significant legal uncertainty for recognition of claims under derivative transactions and directly influenced the use of standard master agreement for over-the-counter derivatives. Drafted under the auspices of the German Banking Union (GBU), an organization representing the interests of German financial institutions, German Master Agreement for Financial Derivatives Transactions ( Deutscher Rahmenvertrag fur Finanztermingeschäfte ) provided a contractual framework for the relevant market, and it came under significant pressure. Overall, German insolvency rules were significantly enforced to achieve the enforceability of close-out netting thus expanding the insolvency privilege for derivative transactions.
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Ipatyev, Ivan R. "Comparative Analysis of Foreign Regulatory Legislation of OTC Derivatives." Economics of Contemporary Russia, no. 2 (July 5, 2021): 115–22. http://dx.doi.org/10.33293/1609-1442-2021-2(93)-115-122.
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The problems associated with existing regulatory initiatives that are meant to eliminate opaque market and with the clearing of over-the-counter derivative instruments. Comprehensively examination of the key similarities and differences between US and EU approaches to regulating the OTC derivatives market. For the study, we used the methods of logical analysis, theoretical generalization and systematization. The main difference between these approaches is the restrictions on commercial banking trade with the separation of derivative trading operations, with the rules of ownership and the establishment of mandatory requirements for exchange trade by central counterparties, as well as with commercial banking. The main similarity is the obligatory clearing of standardized contracts, the scope of derivatives, clearing for consumers and reporting on cleared and uncleaned derivative transactions by almost all financial counterparties. Cross-border clearing is facilitated by two approaches used in the US and the EU, where the legal culture differs from each other. Summing up, we can note that the greatest flexibility in dealing with unforeseen consequences for the regulator is provided by the US approach. At this stage, we have considered an institutional description of the differences and similarities between these approaches to regulating OTC derivatives in order to ensure trade transparency and greater stability.
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Jayeola, Olatunji. "Inefficiencies in trade reporting for over-the-counter derivatives: Is blockchain the solution?" Capital Markets Law Journal 15, no. 1 (2019): 48–69. http://dx.doi.org/10.1093/cmlj/kmz028.
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Matthews, John O., and Cathy A. Rusinko. "Sarbanes–Oxley, dynamic standard setting and the management of over-the-counter derivatives." Derivatives Use, Trading & Regulation 11, no. 1 (2005): 75–87. http://dx.doi.org/10.1057/palgrave.dutr.1840008.
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Sakurai, Yuji, and Tetsuo Kurosaki. "A simulation analysis of systemic counterparty risk in over-the-counter derivatives markets." Journal of Economic Interaction and Coordination 15, no. 1 (2019): 243–81. http://dx.doi.org/10.1007/s11403-019-00260-7.
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Hull, John. "The changing landscape for derivatives." Journal of Financial Engineering 01, no. 03 (2014): 1450021. http://dx.doi.org/10.1142/s2345768614500214.
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This paper describes the changes taking place in derivatives markets as a result of the 2007–2009 credit crisis. It discusses the developments of new platforms for trading, the use of central counterparties for clearing, the role of trade repositories, and the requirements for the posting of collateral. It explains the way in which the over-the-counter and exchange-traded derivatives markets are converging and argues that liquidity is becoming as important as capital to banks in their decision making.
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Vozianov, Kostyantyn. "World trends of derivatives` market development." Socio-Economic Problems of the Modern Period of Ukraine, no. 4(144) (2020): 58–64. http://dx.doi.org/10.36818/2071-4653-2020-4-8.
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Derivatives markets have long ago started to be an important part of the global market in general and international monetary relations in particular. They make the process of risk management more advanced. It helps bringing the global monetary relations to a higher development level. Global trade in derivatives performs the functions of integration of regional capital markets and helps the global economy participants reduce available risks and concentrate on the further development of international trade and monetary relations. Therefore, the derivatives market contributes to reducing the risk level and balancing the international capital flow. Modern world trends in the derivatives’ market development are studied. The structure of the world derivatives market is determined with the separation of its exchange and over-the-counter parts. The instrumental structure of the market is analyzed with the separation of the most popular underlying assets among the derivatives market participants. The author notes that the share of interest rate and foreign exchange derivatives is constantly growing, with an advantage on the side of interest rate derivatives. The paper determines that there is a gradual shift of trade from exchanges to the over-the-counter market in the market of interest derivatives due to the passage of transactions through central counterparties, as well as the growing share of electronic and automatic trading. Analysis of the dynamics of foreign exchange derivatives reveals that contracts increasingly include currencies that do not belong to the top four (USD, EUR, JPY, GBP). At the same time, the US dollar remains the leading currency in operations with interest rate and foreign exchange derivatives. The cross-border operations with derivatives are analyzed. The paper proves that the global nature of the modern derivatives market can be supported by the recognition and implementation of global standards and the cooperation of regulators around the world.
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Kerkemeyer, Andreas. "A Decade after Lehman: An Assessment of Key Regulatory Responses to the Global Financial Crisis." European Company and Financial Law Review 16, no. 4 (2019): 457–83. http://dx.doi.org/10.1515/ecfr-2019-0015.
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In September, 2008, the meltdown of the investment bank Lehman Brothers accelerated the Global Financial Crisis, which affected economies and consumers worldwide. As soon as the Global Financial Crisis broke out, governments and legislators recognized the need for macroprudential reform in order to build a resilient financial system. Today, legislators in every major jurisdiction have finalized almost all major reforms that were envisaged once it had become clear that the crisis was also due to regulatory shortcomings. The reforms especially targeted (over-the-counter) derivatives and the equity base of banks. Following an analysis of the reasons for the Global Financial Crisis and the regulatory failures that contributed to its severity this article will discuss two major legislative responses that intend to make the financial system robust – the establishment of a central dearing obligation for over-the-counter derivatives and the revised Basel Accords on capital requirements for banks.
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Ivanović, Zoran, and Elvis Mujačević. "FINANCIAL DERIVATIVES - INTEREST RATE SWAP." Tourism and hospitality management 10, no. 3-4 (2004): 161–68. http://dx.doi.org/10.20867/thm.10.3-4.12.
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Swap as a portfolio of forward contract is a financial derivative traded on the over-the-counter market. In its basic form, swap is based on the exchange of future cash flows between two market participants in accordance with the agreed terms. The cash flows that are exchanged are the interest payments and in some circumstances even the notional amount, and transactions are carried out in a period of two to thirty years. Swaps first appeared in 80's, and have evolved from back-to-back loans.
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KRAVTSOVA, Natal'ya I., and Anna D. NIKONOROVA. "Russian stock market: The practice of using credit derivatives." Finance and Credit 27, no. 6 (2021): 1416–40. http://dx.doi.org/10.24891/fc.27.6.1416.
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Subject. This article explores the practice of using credit derivatives in the Russian stock market. Objectives. The article aims to identify the problems and advantages of the Russian credit derivatives market, and propose certain improvements concerning this derivatives market segment. Methods. For the study, we used analysis, comparison, and statistical methods. Results. The article describes the problems and advantages of using credit derivatives in the Russian stock market and proposes certain activities to improve this segment of the market. Conclusions. The results obtained can be used by students and university staff to study over-the-counter derivatives. The proposed measures to improve the credit derivatives market can also be applied for practical purposes to improve the legislative framework and develop the market infrastructure.
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Omura, Reina, Junko Sowa‐Osako, Chiharu Tateishi, et al. "Allergic contact dermatitis to abietic acid derivatives in an over‐the‐counter hydrocolloid dressing." Contact Dermatitis 82, no. 5 (2020): 309–10. http://dx.doi.org/10.1111/cod.13461.
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Wybieralski, Piotr. "Pre-Settlement Risk Limits for Non-Financial Counterparty in the Polish Over-the-Counter Derivatives Market." Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 57, no. 1 (2023): 219–35. http://dx.doi.org/10.17951/h.2023.57.1.219-235.
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Theoretical background: The 2008/2009 financial crisis, the COVID-19 pandemic outbreak in 2020 or the Russian invasion of Ukraine in February 2022, all these affected market volatility causing greater interest in counterparty credit risk (CCR) management especially in the OTC derivatives market. This study investigates selected method to mitigate the CCR, namely the application of various risk limits. The research is focused particularly on the pre-settlement risk that financial institutions face after transaction conclusion until the contract’s final settlement. Instead of one single limit there may be a wide range of different treasury limits (a multiple treasury limit setup) applied not only to cover the credit exposure but also to support and enhance the entire market risk management process and day-to-day operations in the financial institutions. Purpose of the article: The paper examines treasury limits employed to manage pre-settlement risk in the Polish OTC derivatives market in the relation between financial institution and non-financial institution. The current literature on this subject includes works on various risk limits, especially in the Polish inter-bank market, however, there is still no broader view on this topic from the analysed perspective. The study indicates different pre-settlement risk limits to be applied in practice both for daily and credit-related transactions considering multiple determinants, such as counterparty and financial instrument type, asset class or collateral form. Research methods: Research methods comprise the analysis of guidelines and recommendations of the Polish Financial Supervision Authority as well as reports, documents and market risk management principles of selected financial institutions. Particular attention is paid to the analysis of legal backgrounds on treasury limits in Poland and bank’s sources, such as master agreements, general conditions of cooperation in the field of treasury products, regulations, information brochures, etc. Selected data from the 2022 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Market Activity in Poland is used in the context analysis. Main findings: Different determinants of pre-settlement risk limit setup are identified and on this basis a directory of pre-settlement treasury limits is developed. The paper indicates also some challenges related to their practical application, concerning, for instance, the breaches of contractual terms (events of default), timely renewal of treasury limit or issues regarding the market risk estimation.
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Hadzhieva, Bozhidarka, and Valentina Petkova-Dimitrova. "Proportion of Over-The-Counter Medicines Containing a Plant Component and Those with Synthetic Substances Administered among Children in a Bulgarian Population." Pharmaceuticals 17, no. 2 (2024): 192. http://dx.doi.org/10.3390/ph17020192.
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Over-the-counter medicines are intended to influence a number of symptoms and also to cure some human diseases without having to see the doctor. These medicines are used for self-medication and parents also give them to their children. The following fall within the scope of over-the-counter medicines: analgesics, antipyretics, antihistamines, decongestants, gastroprotectors, anti-cough medicines, and others. Their composition also includes one or a combination of medicinal plants. In addition to synthetic substances, some nonprescription medicines contain plant substances and their derivatives. Medicinal plants and their extracted derivatives are applicable in the therapies of a number of diseases. Considering the fact that over-the-counter medicines can be used among children from birth, the subject of our study is those whose composition includes biologically active plant substances. Within this study, we have established the number of nonprescription medicines containing a plant substance individually or in combination with another substance of the same kind and/or other substances, which have been included in a list published on the website of the Bulgarian Drug Agency. The objective of our study is to present the percentage of OTC medicines containing a plant substance intended to affect the symptoms of upper respiratory tract diseases and pain, which are used among children during different periods of their development. Some of these medicines also contain substances such as antihistamines (pheniramine maleate) and decongestants (pseudoephedrine, phenylephrine hydrochloride, dimetidine) that can cause various unwanted side effects. Considering the aforementioned aspects and also the peculiarities of childhood, we recommend that self-treatment be conducted only after consulting a health specialist.
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Cyr, Don, Joseph Kushner, and Mingtian Zhang. "Potential use of weather derivatives in hedging aggregate viticulture yields: An analysis of the Niagara region of Canada." Journal of Wine Economics 18, no. 2 (2023): 97–121. http://dx.doi.org/10.1017/jwe.2023.18.
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AbstractAlthough potentially useful for financially hedging systemic weather-related risks, weather contracts/derivatives (also referred to as parametric insurance) have not seen wide adoption in agriculture outside of applications in developing countries, frequently supported by governments and non-governmental organizations (NGOs). A significant impediment is the lack of financial firms willing to stand ready to sell weather derivatives to individual agricultural producers in the over-the-counter market who, due to the localized nature of weather, face idiosyncratic weather-related risks. In particular, the administrative and reinsurance costs of supplying relatively small contracts with specific terms to many different producers are often prohibitive. The current study considers the potential use of weather derivatives in hedging the aggregate yield/revenues of viticulture producers represented by an industry association located in the province of Ontario, Canada. We examine the sensitivity of aggregate industry yields to several relevant weather-related risks employing copula function analysis. We then consider the potential of a weather derivative in hedging the financial risk associated with cold winter temperatures, which pose the greatest risk to aggregate vinifera yields. The issue of attributing costs and payouts to individual association members remains unresolved, and several alternatives are suggested.
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Alqahtani, Rubayyi T., Abdullahi Yusuf, and Ravi P. Agarwal. "Mathematical Analysis of Oxygen Uptake Rate in Continuous Process under Caputo Derivative." Mathematics 9, no. 6 (2021): 675. http://dx.doi.org/10.3390/math9060675.
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In this paper, the wastewater treatment model is investigated by means of one of the most robust fractional derivatives, namely, the Caputo fractional derivative. The growth rate is assumed to obey the Contois model, which is often used to model the growth of biomass in wastewaters. The characteristics of the model under consideration are derived and evaluated, such as equilibrium, stability analysis, and steady-state solutions. Further, important characteristics of the fractional wastewater model allow us to understand the dynamics of the model in detail. To this end, we discuss several important analyses of the fractional variant of the model under consideration. To observe the efficiency of the non-local fractional differential operator of Caputo over its counter-classical version, we perform numerical simulations.
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Zaitsev, O., and A. Olondar. "REVIEW OF THE FUNCTIONING AND DEVELOPMENT OF THE DERIVATIVES MARKET." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 3 (2020): 227–38. http://dx.doi.org/10.21272/1817-9215.2020.3-25.
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The article draws attention to a specific market of derivative securities - the derivatives market. At the present stage of development of communication technologies, there is a steady increase in the general trend of direct participation of individuals in financial transactions using electronic platforms. In particular, there is an interest in the participation of Ukrainian citizens in operations on world stock markets. It is emphasized that relatively technically easy access to participation in financial transactions through the use of electronic platforms is currently a potential threat to financial security for the funds of participants in such transactions. This is due to the weak professional training of most domestic financial professionals to assess the capabilities of the derivatives market, as well as to participate in transactions with them. It is emphasized that stock exchange operations on stock markets, purchase and sale of derivatives on electronic platforms, require, along with general, also special knowledge on certain specific areas of economic development and financial relations. From the standpoint of such trends, this review article is proposed. The article provides a brief overview of the functioning of the derivatives market (derivatives) in order to get acquainted with the principles of its operation, as well as with the most common strategies and related terms. The article mentions four main types of derivative contracts: forwards, futures, options and swaps. It is noted that the vast majority of derivative products are valued at five main asset classes: equity, fixed income instrument, commodity, foreign currency and credit event. Mechanisms of trading in derivative securities, which are divided into exchange and over-the-counter, are considered. Historical examples of negative and positive transactions with derivatives are given. The conclusion emphasizes that the economic potential of the stock market of financial derivatives does not appear at the same time as a result of the adoption of legislation. This potential is gradually formed as a set of market opportunities, competitive advantages, means and sources of development of stock exchanges. The formation of the economic potential of the stock market of financial derivatives involves the implementation of a set of coordinated organizational and economic transformations, which are carried out with the active support of regulatory authorities.
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Klementyev, Aleksey P. "Over-the-counter swap contract: from legal qualification to case law on derivative financial instruments." Vestnik Tomskogo gosudarstvennogo universiteta. Pravo, no. 55 (2025): 108–21. https://doi.org/10.17223/22253513/55/9.
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Swap contracts are widely used in international financial markets. These commercial transactions allow their parties to manage and transfer a variety of risks relating to interest and foreign exchange rates, volatility of commodities prices and other underlying assets. According to Russian laws swaps belong to a wide class of derivative financial instruments. In absence of the legal rules in the Russian Civil Code which may be directly applicable to derivatives, these instruments are regulated by a Bank of Russia. In contrast to swaps traded on exchanges, over-the-counter exchanges are privately negotiated contracts. The parties to these transactions almost always rely on model contracts published by trade associations such as International Swaps and Derivative Association. The legal nature of swaps has become a subject of debate, as the contractual provisions of swap agreements largely resemble betting contracts, which are unenforceable in many jurisdictions. However, available case law shows that whenever a party to a swap agreement seeks to hedge its existing risks by entering into a swap transaction, state courts can enforce it. Generally, swap litigation is rare. However, it has attracted considerable attention from market participants and academics due to the use of standardized documentation and the impact that individual court decisions can have on the market as a whole. Russian courts have ruled on several disputes involving various swap transactions. The first litigation concerned an interest rate swap and gaps in the contractual documentation that allowed one party to terminate the swap agreement unilaterally. Other cases concern more complex financial products such as cross-currency interest rate swaps and commodity swaps. In recent years, there has been an increase in disputes over contractual obligations related to swap termination agreements between Western and Russian financial institutions. However, these do not concern the legal nature of the swaps themselves. Rather, Russian courts have to deal with the inability to make or receive payments in the face of unilateral sanctions imposed by foreign states against Russian counterparties to swap agreements. Although the concept of swaps originated in Anglo-Saxon countries, legal scholars from civil law jurisdictions have taken an interest in swap agreements. They have analyzed swaps based on contract law doctrine and compared them to the sale and purchase and barter contracts enshrined in their civil codes. From a Russian legal perspective, swap agreements should be treated differently depending on the manner in which the obligations arising from such agreements are performed. While non-deliverable swaps should be viewed as aleatory contracts, deliverable swaps are exchange contracts that create mutual obligations that are not based on an unknown future event to the parties to the contract.
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Daud, Uzma, Qasim Muneer, Javeria Noor, Fahad Raza, and Sarah Khalid. "Mesodermal Dysmorphogenesis of Ginsenosides: An Experimental Study." Journal of Shalamar Medical & Dental College - JSHMDC 1, no. 1 (2019): 25–29. http://dx.doi.org/10.53685/jshmdc.v1i1.35.
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Background: The versatile and dynamic activities of Panax Ginseng are attributed to its active components. They are readily available over the counter and are known for their effects as an aphrodisiac & health building; in addition, they are given rather generously during pregnancy, as they are considered virtuous for the baby and mother. Despite its easy availability and excess usage, little is known about its effects on the fetus. The current experimental design was focused towards the lack of differentiation and inhibition of cell growth of mesodermal derivatives inflicted by PanaxGingex. Methods:18 pregnant albino dams were randomly divided into three groups; Group A was control, Group B was Low dose and Group C was labeled as High dose groups. Tissues (bone, kidney and blood) were selected as derivatives of paraxial, intermediate and lateral plate mesoderm respectively and were used for light microscopic study. Results and Conclusion: The light microscopic examination demonstrated extensive apoptosis and an escalation of angiogenesis. Both the histological findings were not only statistically significant but was clearly indicative of dysmorphogenesis. The results of present study raise a finger towards the unsupervised practice of over the counter preparations especially during the vital antenatal period of development.
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Хоменко, І. О., І. В. Горобінська, Н. П. Теслюк, and Я. Я. Назаренко. "PROBLEMS AND PROSPECTS OF FINANCIAL DERIVATIVES MARKET DEVELOPMENT." Київський економічний науковий журнал, no. 5 (May 31, 2024): 150–57. http://dx.doi.org/10.32782/2786-765x/2024-5-22.
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The article studies the problems and prospects of the financial derivatives market development. Globalizing the economic space contributes to transforming the stock market into the principal source of capital allocation. Still, the current conditions of the derivatives market in Ukraine do not correspond to the needs of the national economy, which requires strengthening the regulation of their activities to ensure the hedging of risks of market participants. The article analyses the dynamics of derivatives trading in the global exchange market, assesses the dynamics of world exchange trading in financial derivatives, and analyses the turnover of OTC derivatives in the EU. It also studies the dynamic changes in the amounts paid under the terms of contracts for derivative securities in the world by maturity, region and industry sector; the dynamics of options and futures trading in the global exchange market. In this analysis, we examine the trading volumes of derivatives within the financial market of Ukraine. We estimate the volume of trading within both exchange and over-the-counter markets, and present the dynamics of exchange contracts as well as the share of financial instrument trading in the securities market. The factors hindering the development of the derivatives market in Ukraine are identified. These factors include legislative shortcomings, the current level of derivatives market infrastructure, and the current state of development of the underlying asset markets. The article also analyses the derivatives market and provides prospects for its development. To ensure the future development of the financial derivatives market in Ukraine, it is essential to take certain measures. These include comprehensive regulation of the derivatives market, ensuring the operation of regulated markets and building their infrastructure, and introducing appropriate instruments to protect participants and hedge risks.
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Till, Hilary. "Why haven’t weather derivatives been more successful as futures contracts? A case study." Journal of Governance and Regulation 4, no. 4 (2015): 367–71. http://dx.doi.org/10.22495/jgr_v4_i4_c3_p1.
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Why have some seemingly promising futures contracts not succeeded in the recent past? In this paper, we examine one such example, the weather derivatives market. In two companion working papers, we also analyze two other futures market failures: namely, in the pulp market and in the uranium market. The structure of this paper is as follows. First we provide a brief history of weather derivatives contracts as well as a description of these contracts. Next we review customized over-the-counter (OTC) weather derivatives contracts, as provided by reinsurers, and then we review why futures contracts are not as successful a method of risk transfer. Lastly we describe how weather exposures do not sufficiently match up against the criteria for the successful launch of a futures contract.
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Armitage, Matthew. "Trust, Confidence, and Automation: The ISDA Master Agreement as a Smart Contract." Business Law Review 43, Issue 2 (2022): 56–64. http://dx.doi.org/10.54648/bula2022009.
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The International Swaps and Derivatives Association (ISDA) Master Agreement (MA) is the prevailing contract in the Over-the-Counter (OTC) derivatives market. Its efficacy derives from, inter alia, the network effect. As the OTC derivatives market expanded so did users of the MA. During and after the MA’s creation, the market underwent extensive deregulation and the standard-form agreement soon filled the lacuna left by retreating regulation. Its ubiquity in the market has created a level of trust and confidence, not only in the terms of the MA itself but between parties which may not have otherwise entered into a business relationship. With the impending introduction by ISDA of a smart contract version, this article investigates whether automation will harmonize or disrupt trust and confidence in the MA. ISDA, derivatives, standard-form, trust, confidence, smart legal contracts
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Gorobinska, Iryna, Yulia Malashenko, and Nataliia Tesliuk. "PROBLEMS AND PROSPECTS OF FINANCIAL DERIVATIVES MARKET DEVELOPMENT." Automobile Roads and Road Construction, no. 113.1 (2023): 223–36. http://dx.doi.org/10.33744/0365-8171-2023-113.1-223-236.
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The article is devoted to the study of problems and prospects for the development of the financial derivatives market. The relevance of the chosen topic is explained by the fact that the globalization of the economic space contributes to the transformation of the stock market into the main source of capital allocation, but the current conditions of the derivatives market in Ukraine do not meet the needs of the development of the national economy, which requires strengthening the regulation of their activities in order to ensure the hedging of the risks of market participants. The object of research is financial derivatives as a source of attracting additional investments and globalization of financial flows. The purpose of the research is to study the features, advantages and disadvantages of derivative financial instruments, to evaluate the possibilities of their use in different price situations in order to increase the efficiency of the derivatives market in Ukraine. Research methods – method of system analysis, method of analysis and synthesis, method of statistical analysis and method of comparison. In the course of the study, the dynamics of derivatives trading on the global stock market were analyzed and the dynamics of global exchange trading of financial derivatives were assessed, and the turnover of OTC derivative financial instruments in the EU countries was analyzed. Dynamic changes in the sums paid under the terms of the contracts for derivative securities in the world in terms of terms of validity, regions and sectors were also investigated; dynamics of options and futures trading on the global stock market. In the financial market of Ukraine, an analysis of the volumes of derivatives trade was carried out, the volume of trades on the exchange and over-the-counter markets was estimated, the dynamics of the volumes of exchange contracts and the share of trades in financial instruments on the securities market were given. Factors restraining the development of the derivative securities market in Ukraine have been identified, namely: deficiencies in legislation, the level of development of the infrastructure of the derivative securities market, as well as the current state of development of the underlying asset markets. Based on the analysis of the derivative financial instruments market, prospects for its development have been developed. Conclusions – the main measures regarding the future development of the financial derivatives market in Ukraine should be: comprehensive regulation of the functioning of the derivatives market, ensuring the operation of regulated markets and developing their infrastructure, introducing appropriate tools for the protection of participants and risk hedging. On the basis of taking into account the international experience of the use of derivatives in Ukraine, it is necessary to create an effective developed financial market, and such a segment of it as the derivatives market, in order to become a worthy competitor on the global financial market.
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Radulescu, Carmen-Valentina, Cristina Dima, Ioan Gaf-Deac, and Carol Cristina Gombos. "Management of Derivative Financial Products within the Banking Activity." Proceedings of the International Conference on Business Excellence 18, no. 1 (2024): 945–54. http://dx.doi.org/10.2478/picbe-2024-0082.
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Abstract Current developments in the national financial markets, as well as in the international market, mark a period of great changes. As the process of globalization intensifies, the economic environment is marked by increasing volatility and uncertainty. Financial institutions, as links in the financial intermediation process, play a crucial role in directing capital flows to the areas where they are most productively used. This is also the case of derivative financial products, stock exchange and over the counter, which become elements found in the reports of commercial banks. In this context, this article wanted to identify, on the one hand, the causes that determined commercial banks to focus on activities with financial derivative products, going beyond the traditional sphere of banking operations, and on the other hand to explore ways in which products derivatives can be used in banking. Within the article, complex methods were used, both at the statistical level, materialized through the econometric model exposed, and at the theoretical level, of observation and analysis. An entire point of discussion is intended to x-ray the main derivatives, how they can be used and integrated into banking. Another goal was to deepen, at least theoretically, the consequences of using derivative financial products in banking on systemic risk and monetary policy. Also, the paper aimed to highlight the current conditions and prospects for increasing the use of derivative products in the Romanian banking system.
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Biggins, John. "‘Targeted Touchdown’ and ‘Partial Liftoff’: Post-Crisis Dispute Resolution in the OTC Derivatives Markets and the Challenge for ISDA*." German Law Journal 13, no. 12 (2012): 1297–328. http://dx.doi.org/10.1017/s2071832200017879.
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Since the 1980s, influential participants in the niche over-the-counter (OTC) derivatives markets have sought to encourage contractual standardization in the industry to mitigate the potential for unforeseen legal interruptions and ensure the enforceability of OTC derivatives contracts. The International Swaps and Derivatives Association (ISDA), a trade association and standard-setter, has spearheaded this effort; resulting in the creation and sustenance of a highly successful transnational private regulatory regime (TPRER). Most notably, ISDA has generated a standardized boilerplate contract for OTC derivatives, known as the ‘ISDA Master Agreement’. However, the TPRER within which the ISDA Master Agreement operates displays some intriguing features and paradoxes. Chief amongst these paradoxes is that, while this TPRER appears at first glance to be highly legalistic and formal, indications are that rates of formal litigation between members of the regulatory regime have traditionally been low relative to the size of the market (the total notional amount of OTC derivatives contracts outstanding at the end of 2011 was estimated at US$648 trillion).
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Yokoi, Aya, Kayoko Suzuki, Masayuki Takahashi, Akiko Yagami, and Kayoko Matsunaga. "Case of allergic contact dermatitis caused by sorbitan derivatives included in an over-the-counter topical medicament." Journal of Dermatology 44, no. 6 (2017): e113-e114. http://dx.doi.org/10.1111/1346-8138.13731.
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