Опцион как договор, являющийся производным финансовым инструментом
Ключевые слова:
опцион, рамочное соглашение, дериватив, производный финансовый инструмент, алеаторная сделка
Аннотация
Обновленный Гражданский кодекс Российской Федерации предусматривает опцион на договор и опционный договор в качестве двух моделей опциона по российскому праву. В отличие от опционов в корпоративном праве, опционы на финансовых рынках не столь часто привлекают внимание отечественных исследователей. Используя стандартные формы деривативных опционов, автор приходит к выводу о том, что воззрения на опционные договоры, принятые в законодательстве и доктрине, не соотносятся со сложившейся в настоящее время договорной практикой. В частности, в силу автоматического исполнения опционов секундарное право приобретателя опциона на практике отсутствует, а правовые последствия опционной сделки зависят исключительно от стоимости ценных бумаг, валют и товаров, сложившейся на организованном рынке. Данный вывод требует пересмотра имеющегося в настоящее время подхода к опционам как деривативным сделкам. Поскольку правовой результат поставочных и расчетных опционных сделок зависит от будущего события, относительно которого неизвестно, наступит оно или нет, опционные сделки можно отнести к алеаторным контрактам.
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Литература
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Bezobrazov V. P. Exchange Operations. Мoscow, 1856.
Belov V. A. Game and betting as institutions of civil law // Legislation. 1999. No. 10. P. 5-15
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Glukhov E.V. Corporate Agreement : Preparation and Negotiation upon Setting up a Joint Venture. Moscow, M-Logos, 2017.
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Karapetov A. G. Option on Contract Conclusion and Option Contract under the New Edition of the Civil Code // The Herald of Economic Justice. 2016. No 3. P. 49–72.
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Lashkevich A. Why do companies need option agreements? // Joint Stock Bulletin. 2012. No. 4. P. 44–49.
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Shamraev A. V. Legal Regulation of International Banking Transactions and Transactions on International Financial Markets Transactions. Moscow, 2010.
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Benzler M. Netting verbarungen im auserborslichen Derivativehandel. Baden-Baden : Nomos Verlagsgesellschaft, 1999.
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Hull J. Options, Futres, and Other Derivatives, fifth edition, Prentice Hall, 2002.
Madhumathi R. Derivatives and Risk Management. Pearson Education India, 2011.
Molyneux Ph., Valdez S. An Introduction to Global Financial Markets, 6th ed. Plagrave Macmillan, Chippenham and Eastbourne, 2010.
Nassetti F.C. Basic elements in the maze of netting // Journal of International Banking Law. 1995. No. 10 (4).
Paech P. The Value of Financial Market Insolvency Safe Harbours // Oxford Journal of Legal Studies. 2016. No. 4, vol. 36.
Parker Ph. J. L. Treasury Operations Handbook Treasury Operations Handbook. 2018. P. 161.
Sincere M. Understanding Options. McGraw-Hill Education, 2006.
Willams M., Hoffman A. M. Fundamentals of Options Market. McGraw-Hill Education. 2000.
Bezobrazov V. P. Exchange Operations. Мoscow, 1856.
Belov V. A. Game and betting as institutions of civil law // Legislation. 1999. No. 10. P. 5-15
Burkova A. Yu. Framework agreements: international practice and Russian law // Bulletin of Arbitration Practice. 2015. N 6. P. 58-62.
Glukhov E.V. Corporate Agreement : Preparation and Negotiation upon Setting up a Joint Venture. Moscow, M-Logos, 2017.
Gubin P., Sherstobitov A. Well. Forward contract: theory and practice // Legislation. 1998. No. 10. P. 10– 16.
Yefimova L. G. Framework (organizational) agreements on the over-the-counter interbank securities market // Laws of Russia: experience, analysis, practice. 2006. No. 7. Loan, credit, factoring, credit and credit : postatein Urga kommentarius K statiam 807-860. 15
Civil Code of the Russian Federation / C. V. Bayback, Oh. M. Ivanov, A. G. Karapetov [et al.] ; ed. A. G. Karapetov. Moscow, 2019. 1282 p.
Karapetov A. G. Option on Contract Conclusion and Option Contract under the New Edition of the Civil Code // The Herald of Economic Justice. 2016. No 3. P. 49–72.
Krasnikov N. On the concept of an option agreement as a preliminary agreement under Russian law // Yurist. 2009. No. 12. P. 25–30.
Lashkevich A. Why do companies need option agreements? // Joint Stock Bulletin. 2012. No. 4. P. 44–49.
Lebedev V. E. Qualifying features of an option agreement and its difference from other derivative fi - nancial instruments // Novy yuridicheskiy zhurnal. 2012. No. 3. P. 88–92.
Lubyagina D. V., Bychkov A. I. Option agreement // Property relations in the Russian Federation. 2016. No. 1. P. 67–72.
Mazhorina M. V. Lex mercatoria : a medieval myth or the phenomenon of globalization // Pravo. Journal of the Higher School of Economics. 2017. No. 1. P. 9.
Radlov V. Transactions for Difference // The Journal of Civil and Criminal Law. 1885. January. No. 1.
Pobedonoszev K.P. The Civil Law Course. Third Part. Contractual Obligations. Saint Petersburg, 1896.
Poduzova E. B. Framework agreement in modern civil law // Actual problems of Russian law. 2013. No.3. P. 299–304.
Rakhmilovich A. V., Sergeeva E. E. On the legal regulation of settlement forward contracts // Journal of Russian Law. 2001. No. 2.
Rothko S., Timoshenko D. The futures market in the future // Lawyer. 2008. No. 26.
Safonova E. Yu. On the issue of distinguishing the concepts of "organizational" and "framework" contracts // Legal World. 2011. No. 8. P. 31.
Selivanovsky A. S. Classic bonds – an alternative to bank deposits for citizens? // Law. 2020. No. 2. P. 142– 157.
Selivanovsky A. S. Some considerations about the Russian ISDA // Economy and law. 2009. No. 10. P. 68.
Selivanovsky A. S. Legal regulation of the securities market. M., 2014. P. 190.
Selivanovsky A. S. Framework agreements on derivatives futures transactions // Securities Market. 2008. No. 7. P. 17.
Soyfer T. V. Transactions in exchange trading : cand. legal sci. diss. Moscow, 1996. P. 122.
Sukhanov E. A. On the article by E. P. Gubin and A. E. Sherstobitov "Settlement forward contract: theory and practice" // Legislation. 1998. No. 11.
Tolstukhin M. E. Futures and Option as Objects of Securities Market // Objects of Civil Turnove r: Digest of articles / ed. M. A. Rozhkova. Moscow : Statute, 2007. P. 231–250.
Khabarov S. A. Issues of recognition of derivative financial instruments as securities // Law and Economics. 2015. No. 7. P. 52–58.
Khabarov S. A. General (framework) agreements on the market of derivative financial instruments // Lawyer. 2015. No. 6. P. 4–8.
Khabarov S. A. Transformation of derivative financial instruments into securities (some theoretical and legal-technical aspects) // Civil law. 2016. No. 3. P. 36– 40.
Khodykin R. M. On the issue of the validity of option arbitration clauses : in the wake of the Decree of the Presidium of the Supreme Arbitration Court of the Russian Federation dated June 19, 2012 No. 1831/12 // Bulletin of International Commercial Arbitration. 2012. No. 2. P. 179–185.
Shamraev A. V. Legal Regulation of International Banking Transactions and Transactions on International Financial Markets Transactions. Moscow, 2010.
Shershenevich G. F. The Textbook of Trade Law. 9th ed. Moscow, 1919. Benjamin J. Financial law. Oxford : Oxford University Press, 2007.
Benzler M. Netting verbarungen im auserborslichen Derivativehandel. Baden-Baden : Nomos Verlagsgesellschaft, 1999.
Böger O. Close-out Netting Provisions in Private International Law and International Insolvency Law. Part I // Uniform Law Review. 2013. Vol. 18.
Dalhuisen J. H. J.H. Dalhuisen on Transnational and Comparative Commercial, Financial and Trade Law. Vol. 1. Oxford: Hart Publishing, 2016. P. 191.
Hull J. Options, Futres, and Other Derivatives, fifth edition, Prentice Hall, 2002.
Madhumathi R. Derivatives and Risk Management. Pearson Education India, 2011.
Molyneux Ph., Valdez S. An Introduction to Global Financial Markets, 6th ed. Plagrave Macmillan, Chippenham and Eastbourne, 2010.
Nassetti F.C. Basic elements in the maze of netting // Journal of International Banking Law. 1995. No. 10 (4).
Paech P. The Value of Financial Market Insolvency Safe Harbours // Oxford Journal of Legal Studies. 2016. No. 4, vol. 36.
Parker Ph. J. L. Treasury Operations Handbook Treasury Operations Handbook. 2018. P. 161.
Sincere M. Understanding Options. McGraw-Hill Education, 2006.
Willams M., Hoffman A. M. Fundamentals of Options Market. McGraw-Hill Education. 2000.
Опубликован
2024-04-02
Раздел
Гражданское право и гражданский процесс
