Central counterparties (CCP) and the new transnational lex mercatoria
Chamorro-Courtland, Christian 2011, Central counterparties (CCP) and the new transnational lex mercatoria, Florida State University law review, vol. 10, pp. 57-116.
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Central counterparties (CCP) and the new transnational lex mercatoria
This article researches the sources of law governing theoperations of Central Counterparty (CCP) systems. The CCP is asui generis financial institution which guarantees and facilitates thesettlement of claims between a group of merchants. It will bedemonstrated that the new transnational lex mercatoria is the mainsource of law governing a CCP's operations. It is submitted thatthe lex mercatoria should remain the primary source of law[Vol. 10CCP AND LEX MERCA TORIAgoverning CCP arrangements because it has worked successfullyfor decades and there has never been a major CCP failure.'Although this paper focuses on the law from a common lawperspective, the 'transnational' aspect of this legal regime meansthat it applies universally to CCPs operating in most jurisdictions.
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