Abstract: The object of this article is the legal relations that emerge in conclusion of transactions with the credit default swaps. The subject of this article is the combination of legal norms that regulate the peculiarities of conclusion of transactions with credit default swaps in the European Union, the concept of this financial derivative, and its impact upon the global financial crisis of 2007-2009. The credit default swaps (CDS) were initially introduced in the mid 1990’s in the United States for the purpose of hedging the risks of corporations; however, within a short period of time, CDS have become the most popular financial derivatives in the world. The unconscionable and excessive application of CDS played a fatal role in the evolvement of world financial crisis of 2007-2009. In response, the world leaders initiated the elaboration of legal regulation of CDS. The European Commission was responsible for the preparation of the reform in the EU. In 2012 have been adopted the first documents regarding the CDS regulation. The current CDS legal framework is based on the requirements for providing information on certain transactions to the competent authorities of the European Union, adherence to the transparency regime and undergoing the central counteragent clearing processing. The question of legal regulation of CDS in the European Union is relatively new to the Russian science and have not yet received a sufficient coverage. The relevance of this work is defined by the high impact of the indicated financial derivatives upon the global economy. Considering the immense volumes of CDS world market and the popularity of this financial derivative, the materials can be used in formulation of the analogous regulations in the Russian legislation, as well as realization of commercial activity on the financial market.

Abstract: This article is dedicated to the problem of termination of the UK membership in the European Union (Brexit) and its implications on economic and political relations between the parties. The importance of Brexit is viewed in the context of legal regulation of the derivatives, which transactions are the intrinsic part of financial markets, as well as comprise a significant percentage of UK’s GDP. Currently, the future of the bilateral relations remains uncertain, and the extent of the negative consequences depends on the final format of cooperation selected by London and Brussels. The author identifies the four most probable models of cooperation with different levels of political and economic integration. The legal mechanism of Brexis along with its impact upon the derivatives market is insufficiently studied in the Russian science. The results of this work can be applies by the scholars specialized on the questions regarding Brexit, relationship between UK and EU, as well as valuable for the researchers of the integration and supranational formations.