2017•Russian Journal of Legal Studies (Moscow)Open access
Contractual Model of the Deliverable Futures Contract with the Participation of the Exchange
O S Gruzdev
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Abstract
The present article analyses the contractual model of a deliverable futures contract with the participation of the exchange which under some regulations of current legislation plays the role of a trading authority. The author emphasizes that the exchange is a party to derivatives contracts and deliverable futures contracts, in particular. Furthermore, this provision is confirmed by the analysis of the intention of the deliverable futures contract’s parties. Their intention is directed at the conclusion of an agreement just with the exchange and not with other trading participants. The author analyses the structure of contractual relations arising out of a deliverable futures contract (despite the fact that this contract is an agreement with the trading authority - the exchange) and points out that this contract can be characterized as a purchase and sale agreement according to Article 454 of the Civil Code of the Russian Federation (CC of RF).
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