Derivative Financial Instruments: Development of Russian Legislation

The aim of the study was the historical and legal analysis of the development of derivative financial instruments (derivatives) in Russia. The materials of the study were international acts, acts of civil and business legislation of Russia, judicial precedents, scientific literature. To solve this problem, general and specific scientific methods were used: analysis and synthesis, deduction and induction, abstraction, the formal legal method. As a result of the study, it was determined that the derivative is defined by the legislator as a contract providing for one or more obligations listed in the Federal Law "On the Securities Market". Unfortunately, there is no sufficient complex research on derivative financial instruments and their individual types. At the same time, their legal qualification (primarily in terms of civil law) remains controversial and requires special analysis. To fix that an action is a contract does not mean to solve the question of the applicability of specific rules, in particular Chapter 2 of the Civil Code of the Russian Federation, to the arising public relations. Currently, there are four types of derivatives enshrined in the regulations: futures, forwards, options and swap contracts. The article distinguishes these types. Taking into account the legal regulation, various classifications of derivative financial instruments are identified and considered: supply and settlement, exchange and over-the-counter; interest, commodity, index, weather, credit, oil, gas, energy; commodity and financial derivatives. The article concludes that the history of the Russian derivatives market dates back to the pre-revolutionary period. Back then, exchange transactions, "transactions for difference" began to appear in Russia. The speculative nature of such transactions, capable of ruining any bidder, became the subject of close attention of theoretical lawyers. The second wave of interest in derivatives is associated with the cardinal economic transformations in Russia in the early 1990s. Today, the feature of the legal regulation of derivatives is the basic nature of the regulations of the Central Bank of Russia. The legal framework also consists of acts of specialized bodies. Despite the long period of existence of the derivatives market in Russia as well as its significant role in the economy, the derivative financial instrument requires special research in Russian civil law. An in-depth comprehensive analysis of derivative financial instruments can improve the civil law regulation of this group of contracts and contribute to the resolution of litigation.

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