DOI: 10.7256/2454-0706.2019.8.43264

Abstract: The subject of this research is the relations emerging between the parties of the exchange and OTC swap contracts in their execution. The author particularly examines the peculiarities of swap contracts, subject composition of the parties involved; analyzes the rules of stock trades, clearing, standard terms of forward transactions; determines the civil law nature of the used security constructs in executing exchange swap. The author comes to the conclusion that exchange swaps are executed with the central counterparty in compliance with the exchange rules and specifications with the requisite of two counterbids. A limited circle of persons has a right to participate in execution of such swap by making a security payment. According to the general rule, OTC swaps can be executed without involvement of a central counterparty and do not have limitations with regards to subject composition of parties to the contract. The content of such contracts is defined by the standard contract terms. The author also underlines that the established by law essence of contract, which negotiation is necessary for executing a swap contract, depend on its type and civil law qualification.

DOI: 10.7256/2454-0706.2019.7.30099

Abstract: The subject of this research is the relations derived from swap agreement. The goal of this work lies in determining civil law nature of swap and its types, namely: the credit default, currency, interest rate, and cross-currency interest rate swaps. For achieving the set goal, the author examines such characteristics of swap as the terms of contract, peculiarities of obligations, and specificity of rights and responsibilities of parties of the agreement. These aspects served as the basis for civil law qualification of the agreements under consideration, realized via comparison with the familiar to civil legislation agreement structures. The conclusion is made that the credit default swap depending on the focus is either a purchase and sale agreement, or non-defined contract, or wagering contracts, or preliminary agreement, or an option for concluding a contract. Currency swap is a complex agreement that includes either two purchase and sale agreements, or two barter agreements. Interest rate swap is the wagering contract. While cross-currency interest rate swap is also a complex agreements that combines either two purchase and sale agreements or barter agreement and wagering contract. The presented conclusions meet the criteria of scientific novelty.

DOI: 10.7256/2454-0706.2019.7.43251

Abstract: The subject of this research is the relations derived from swap agreement. The goal of this work lies in determining civil law nature of swap and its types, namely: the credit default, currency, interest rate, and cross-currency interest rate swaps. For achieving the set goal, the author examines such characteristics of swap as the terms of contract, peculiarities of obligations, and specificity of rights and responsibilities of parties of the agreement. These aspects served as the basis for civil law qualification of the agreements under consideration, realized via comparison with the familiar to civil legislation agreement structures. The conclusion is made that the credit default swap depending on the focus is either a purchase and sale agreement, or non-defined contract, or wagering contracts, or preliminary agreement, or an option for concluding a contract. Currency swap is a complex agreement that includes either two purchase and sale agreements, or two barter agreements. Interest rate swap is the wagering contract. While cross-currency interest rate swap is also a complex agreements that combines either two purchase and sale agreements or barter agreement and wagering contract. The presented conclusions meet the criteria of scientific novelty.

DOI: 10.7256/2454-0706.2019.6.29836

Abstract: The subject of this research is the relations deriving from the currency and cross-currency interest rate swap. The goal lies in determination of the civil law nature of the indicated swap contracts. For achieving the set goal, the author examines such characteristics of the currency and cross-currency interest rate swap, as the terms of agreement, peculiarities of obligations created by an agreement, specificity of rights and responsibilities of the parties to an agreement, as well as peculiarities of conclusion of such agreements. Based on the aforementioned aspect, the author conduct the civil law qualification of the agreements, comparing them with the agreements familiar to the Civil Code of the Russian Federation. The conclusion is made that both, currency and cross-currency interest rate swap are not the independent defined or non-defined civil law agreements, but rather represent a package contract incorporating all terms of such agreements as purchase and sale, barter, and wagering. Currency swap, according to which the foreign currency is subject to be purchased with funds, includes two purchase and sale agreements; while if other foreign currency is subject to transfer for another foreign currency, it would require two barter agreements. The cross-currency interest rate swap, in addition to two purchase and sale agreements or two barter agreements, also includes a wagering agreement, according to which the parties are obligated to pay money depending on the changes in the indexes of basic asset. These conclusions serve as the scientific novelty.

DOI: 10.7256/2454-0706.2019.6.43243

Abstract: The subject of this research is the relations deriving from the currency and cross-currency interest rate swap. The goal lies in determination of the civil law nature of the indicated swap contracts. For achieving the set goal, the author examines such characteristics of the currency and cross-currency interest rate swap, as the terms of agreement, peculiarities of obligations created by an agreement, specificity of rights and responsibilities of the parties to an agreement, as well as peculiarities of conclusion of such agreements. Based on the aforementioned aspect, the author conduct the civil law qualification of the agreements, comparing them with the agreements familiar to the Civil Code of the Russian Federation. The conclusion is made that both, currency and cross-currency interest rate swap are not the independent defined or non-defined civil law agreements, but rather represent a package contract incorporating all terms of such agreements as purchase and sale, barter, and wagering. Currency swap, according to which the foreign currency is subject to be purchased with funds, includes two purchase and sale agreements; while if other foreign currency is subject to transfer for another foreign currency, it would require two barter agreements. The cross-currency interest rate swap, in addition to two purchase and sale agreements or two barter agreements, also includes a wagering agreement, according to which the parties are obligated to pay money depending on the changes in the indexes of basic asset. These conclusions serve as the scientific novelty.