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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