Research On The Contract Of OTC Derivatives Trading

In recent years,the derivatives market has developed rapidly,market participants have increased gradually,and the types of financial products have also shown a trend of diversification.However,in the development of the OTC market,different from the normative nature of the exchange market,the market itself has a strong degree of freedom,so the trading parties are likely to be exposed to huge market risk and credit risk.Moreover,due to the lack of corresponding legal regulation of OTC market,how to identify the nature of OTC derivatives transactions is easy to be controversial.In the process of trading,due to the particularity of OTC derivatives trading,there may also be traders trading without authorization or traders failing to fulfill the relevant obligations.These problems are likely to have an impact on the effectiveness of derivatives contracts,or make the contracts unable to perform normally.Because the OTC market transaction is actually free negotiation between the two parties,through the signing of OTC derivatives contracts to establish an equal legal relationship,so the OTC Derivatives Contract is essentially an anonymous contract.It is necessary to analyze it under the framework of the contract from the perspective of private law,and explore the related contract issues of OTC Derivatives Contract,so as to clarify the off-site contract The essence of derivatives trading.There are five parts in this paper.It includes the introduction,the first chapter,the second chapter,the third chapter and the fourth chapter.The introduction part mainly introduces the background knowledge and significance of this paper,analyzes the literature on OTC derivatives at home and abroad,and roughly introduces the research methods and structure of this paper.The first chapter introduces the basic knowledge of OTC derivatives,roughly explains the system design of OTC derivatives,the difference between OTC derivatives and OTC derivatives trading.At the same time,the first chapter also puts forward the related problems of OTC derivatives contracts.It is mainly divided into three levels: first,the problems that may appear in the qualitative process of the contract,and the related problems of the validity defects caused by the improper behavior of the traders or dealers after the establishment of the contract.Finally,it is about whether the principle of change of circumstances can be applied to derivative contracts,and how the principle of change of circumstances affects the effectiveness of derivative contracts.The second chapter from the concept of derivatives trading,procedures and rules as a starting point to explore the specific causes of these problems.The third chapter makes a specific theoretical analysis of the above problems,from the perspective of the value orientation of derivatives trading,the difference between OTC derivatives contracts and general civil and commercial contracts,analyzes the inherent problems one by one,and puts forward relevant opinions.The last chapter is based on the existing disputes,puts forward relevant suggestions for the development of OTC derivatives market,including the macro system design and micro adjustment of the rights and obligations of both parties.