The Institute Holds the International Research Seminar "Modern Trends of Legal Regulation for the OTC Derivatives Market"

The seminar brought together over 150 participants – legal practitioners, researchers, students and representatives of public authorities. 

The participants discussed the experience of other jurisdictions in regulating the Over-The-Counter (OTC) derivatives market, and also discussed the problems connected with reforming Russian legislation in this sphere. In the spotlight was the experience of foreign law aimed at improving transparency in the derivatives market, as well as the collateralisation of these transactions.

 

Problems of legal regulation of OTC derivatives were considered not only from a theoretical point of view, but in the context of specific initiatives of the Bank of Russia aimed at the establishment of the Institute of the Central Counterparty. The seminar was attended by Director of the Department for the Development of Financial Markets, Elena Tchaikovskaya, who with much importance asked about the experience of foreign colleagues.

 

The session was moderated by Institute Director Alexey Ivanov. The long-awaited guest of the seminar was Harvard Law School Professor Hal Scott, an expert of international renown in the field of financial market regulation, who spoke about the U.S. experience in these matters. European regulation was discussed in detail by Professor Theodore Bauman, Director of the Institute of Law and Finance at the Geothe University of Frankfurt, Germany and also by Professor Patrick Leyens, Erasmus University, Rotterdam, and the Max Planck Institute for Comparative International Private Law, Hamburg. In the discussion of the practical experience of European regulatory models, we enjoyed the participation of Professor Jens Ekkenga of the Universities of Giessen and Frankfurt, Germany, and also Martin Glajch, Senior Advisor at the Československá Obchodní Commercial Bank, Czech Republic.

 

Leading researcher at the Institute Maxim Bashkatov made a presentation on "Reform of Contract Law and Financial Markets: the Institute of Central Counterparty". Senior researcher Alexander Nadmitov made a report entitled "the Regulation of OTC Derivatives and Central Counterparty Institution in the Russian Federation".