Prokudina, N.V. Specific features of regulating over-the-counter derivatives in the European Union

Abstract: One of the limitations to the development of the over-the-counter market in the Russian Federation is the weakness of legislative development. The development of the Russian legislation in the financial market sphere is to a considerable extent defined by the foreign experience. The article contains analysis of legal aspects of regulating over-the-counter derivatives in the European Union. Much attention is paid to the need for the legal regulation in this sphere, as well as the problems due to weakness of legal regulation. In order to prove the need for special norms regulating the over-the-counter derivatives market, the author provides comparative legal analysis of the specialized legislative norms in the USA and in the EU. Currently the EU investment financing market is being renewed. As a result, the author comes to a conclusion that the studies of the global experience of over-the-counter derivatives market organization, taking the EU as an example, allows Russia to form the national market model with the due consideration of the global failures, which were uncovered by a global financial crisis.

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