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On the financial derivative products in the domestic application of the law and legislative proposals

Author: SunLiLi
Tutor: SunXiaoMin
School: East China University of Political Science
Course: Legal
Keywords: Credit Derivatives ISDA Master Agreement NAFMII Master Agreement
CLC: D922.28
Type: Master's thesis
Year: 2010
Downloads: 67
Quote: 0
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Abstract


Credit Derivatives is a very important part of global financial market and global economic system. Since 1972, the Financial Futures was set up by Chicago Board of Trade, the Credit Derivatives was developing quickly, and which plays an important role in the Global Financial Market. Credit Derivatives was been developing in China in late 19th Century, but the developing speed is quite quick.The Internal Swaps and Derivatives Associates Inc. published the 1999 ISDA Credit Derivatives Master Agreement and Schedules, Credit Support Annex and Definitions, which were widely adopted by market participants in the credit default swap market. However, the Specified Jurisdiction of ISDA Master Agreement is New York Law or England Law, which is not suitable for Chinese market participant complete transactions in China. In 2007, the Central Bank of China invited the major Credit Derivatives participants to establish a new Master Agreement for Derivatives Trade in China, which is named "NAFMII"(National Association of Financial Market Institutional Investors).Based on the ISDA Master Agreement, NAFMII Master Agreement combined the Law of Companies of PRC, the Law of Contracts of PRC, the Law of Property of PRC and Law of Bankruptcy etc. and the Jurisdiction of NAFMII Master Agreement is PRC Law. NAFMII Master Agreement includes the Interests Rating Trade, the Band Note Trade, the Currency Exchanging Trade and Credit Derivatives, four products and structures.However, NAFMII Master Agreement based on the ISDA Master Agreement, which the infrastructure are "Single Agreement", "Flawed Asset" and "Close-Out Netting". Those concept is not the legal one in PRC law system. Can be forecasted, the NAFMII will has conflict during its running and applying.Combined the case study and person working experiences, the Article will have a Legal Advice on the law conflict and how to accept and involve the ISDA infrastructures into PRC law system.

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