ecr-journalЭкономическая наука современной РоссииEconomics of Contemporary Russia1609-14422618-8996Regional Public Organization for Assistance to the Development of Institutions of the Department of Economics of the Russian Academy of Sciences10.33293/1609-1442-2021-2(93)-115-122ecr-journal-602Research ArticleЭКОНОМИКА ЗАРУБЕЖНЫХ СТРАНWORLD ECONOMICSСравнительный анализ зарубежного регуляторного законодательства внебиржевых производных финансовых инструментовComparative Analysis of Foreign Regulatory Legislation of OTC Derivativeshttps://orcid.org/0000-0002-1792-7852ИпатьевИван РомановичIpatyevIvan R.

аспирант, аналитик Департамента инвестиционной деятельности, Блока «Корпоративно-инвестиционный бизнес» ПАО Сбербанк

SPIN-код 4054-2329

ivan.ipatyev@gmail.comПАО Сбербанк, Москва; Финансовый университет при Правительстве РФ, МоскваРоссияFinancial University under the Government of the Russian Federation, Moscow; PJSC Sberbank, MoscowRussian Federation20212704202102115122Copyright © Ипатьев И.Р., 20212021Ипатьев И.Р.Ipatyev I.R.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.ecr-journal.ru/jour/article/view/602

Предметом исследования являются проблемы, связанные с действующими инициативами регулятора, которые предназначены для устранения непрозрачности рынка и связаны с клирингом внебиржевых производных финансовых инструментов. Целью статьи является всестороннее рассмотрение ключевых сходств и различий подходов США и ЕС к регулированию рынка внебиржевых ПФИ. Для исследования использовались методы логического анализа, теоретического обобщения и систематизации. В результате выявлен основной аспект, который выделяет отличие данных подходов друг от друга – ​ограничения коммерческой банковской деятельности и торговля с разделением производных торговых операций. Каждому подходу присущи правила владения и установления обязательных требований обменной торговли между центральными контрагентами. Основное сходство – ​обязательный клиринг стандартизированных контрактов, сфера охвата производных инструментов, освобождение потребителей от клиринга. Трансграничному клирингу способствуют два подхода – ​в США и ЕС, где правовая культура отличается. Отмечается, что наибольшую гибкость в борьбе с непредвиденными последствиями для регулятора представляет подход США. На данном этапе рассмотрено институциональное описание отличий и сходств этих подходов к регулированию внебиржевых производных финансовых инструментов, обеспечивающих стабильность и более высокую прозрачность торговли.

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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The authors declare that there are no conflicts of interest present.