Performance of Derivative Transactions Through the Central Counterparty

Abstract

The article is devoted to the contractual models designed to formalize the legal relationship between the clearing participants (parties to the original derivative transaction) and the central counterparty (“CCP”). The authors deal with the legal concepts of novation, so-called “open offer” and assignment, which are commonly used in international practice. Taking into consideration some Russian legal peculiarities and comparative law experience, the authors come to the conclusion that the concept of assignment is best suited to the Russian legal framework.