scholarly journals Legal Nature and Role of Swap Arrangements and Options as Financial Instruments

2019 ◽  
Vol 57 (4) ◽  
pp. 459-480
Author(s):  
Ružica Petrović ◽  
Tamara Milenković Kerković ◽  
Dragana Radenković Jocić
Keyword(s):  
Interest Rate ◽  
Financial Markets ◽  
Financial Innovation ◽  
Fixed Time ◽  
Financial Derivatives ◽  
Bank Loans ◽  
Bond Issues ◽  
Legal Nature ◽  
The Right ◽  
Exclusive Right

AbstractFinancial derivatives are, in the last forty years, the most important financial innovation that influence the creation of new, very deep and broad financial markets. Their number is constantly increasing. There is a creation of new variants of existing derivative contracts and therefore the subjects have the opportunity to differently manage risk. Although their controversial legal nature, generally accepted view is that they were contracts. Swap is the youngest of all financial derivatives and represents a financial innovation of a later date. Market swaps recorded one of the fastest growth rate among global financial markets. Swap represents a private agreement between the two parties regarding exchange cash flow of the fixed time in the future in accordance with a predetermined pattern. The most common users of swaps are non-financial corporations, which want to receive variable, and to pay a fixed interest rate in order to limit interest expenses on bank loans or bond issues with variable interest rate, as well as banks, the governments of some supranational institutions such as the World Bank. In economic theory emphasized is the view that the comparative advantage is the basis for swaps functioning. Options are contracts in which one party has the exclusive right, while the other contracting party assumes only the obligation to buy or sell assets to which the option is created. In the nationa legislation the option contract is transferable standardized contract binding the buyer has the right to, including the payment obligation of the agreed premium on the day or days of maturity specified in the contract.

scholarly journals Legally Binding Relationships with Regard to Digital Objects of Civil Rights

Lex Russica ◽  
2020 ◽  
Vol 73 (10) ◽  
pp. 21-31 ◽  
Author(s):  
O. S. Grin
Keyword(s):  
Civil Rights ◽  
Property Rights ◽  
General Rule ◽  
Point Of View ◽  
Digital Currency ◽  
Legal Nature ◽  
Digital Objects ◽  
The Law ◽  
The Right ◽  
Exclusive Right

The paper, based on the analysis of the legal nature of new digital objects of civil rights (digital rights, digital currency), makes conclusions concerning possible models of contractual relations arising from object’s data.The author relies on the fact that in relation to the category “a digital right” an independent object can be recognized only in connection with the peculiarities of the form of the object (the form in which the property rights are fixed) rather than its content. Token is seen as a technical concept. i.e. a digital way of fixing property rights. The paper substantiates that the retributive disposal of the digital right (both as a utilitarian digital right and a digital financial asset), according to which the digital right acquirer in order to transfer the right in question undertakes to pay a certain amount of money, under the general rule, should be qualified as a contract for the sale of a digital right. At the same time, in each case this also refers to the transfers the subject matter of which covers the transfer of a separate property right as an object of civil rights (cashless money, a book-entry security, a law of obligation (claims)) classified by law as a digital right.From the author’s point of view, digital currency in the system of objects of civil rights can be qualified only as “other property” in compliance with the the sui generis principle. It is concluded that transactions with digital currency should be classified as non-defined contracts. Contractual legal relations aimed at exchanging various objects for digital currency, in cases not contrary to the law, by analogy of the law, can be regulated under the rules applied to the contract of sale, the exclusive right alienation agreement or license agreement. Based on the special provisions of the law, a legally binding relationship regulating the digital currency, provided the tax authorities are not informed about such possession and transactions with such an object, has features of a natural obligation.

scholarly journals Necessity of the Establishment of a Financial Derivatives Market in Bangladesh

2014 ◽  
Vol 2 (1) ◽  
pp. 21-32
Author(s):  
Md. Habibur Rahman ◽  
Bijoy Chandra Das
Keyword(s):  
Interest Rate ◽  
Capital Structure ◽  
Financial Markets ◽  
Market Economy ◽  
Capital Market ◽  
Commercial Banks ◽  
Theoretical Framework ◽  
Financial Derivatives ◽  
Short Term ◽  
Equity Indices

Derivatives instruments have been a feature of modern financial markets for several decades. They play a pivotal role in managing the risk of underlying securities such as bonds, equity, equity indices, currency, and short-term interest rate asset or liability positions. With the development of Bangladesh’s market economy, it is now becomes very essential of the establishment of a financial derivatives market in this country. In our article is has been tried to explain in detail the theoretical framework of various types of derivatives and their potential usage in strengthening capital market, capital structure of commercial banks, against the fluctuation of major import(petroleum) and export(RMG) sectors, and thus turning Bangladesh’s economy into a strong global one. In the last part of our study, some strong recommendations with the suggestion of phase by phase establishment of a financial derivatives market are included.

The brain structure and neurosecretory cells of noctuid moth Anadevidia peponis: Noctuidae

1990 ◽  
Vol 48 (3) ◽  
pp. 436-437
Author(s):  
M. Sato ◽  
Y. Ogawa ◽  
M. Sasaki ◽  
T. Matsuo
Keyword(s):  
Biological Clock ◽  
Virgin Female ◽  
Basic Structure ◽  
Fixed Time ◽  
Neurosecretory Cells ◽  
Nerve Cells ◽  
Noctuid Moth ◽  
The Right ◽  
20 Nm ◽  
The Brain

A virgin female of the noctuid moth, a kind of noctuidae that eats cucumis, etc. performs calling at a fixed time of each day, depending on the length of a day. The photoreceptors that induce this calling are located around the neurosecretory cells (NSC) in the central portion of the protocerebrum. Besides, it is considered that the female’s biological clock is located also in the cerebral lobe. In order to elucidate the calling and the function of the biological clock, it is necessary to clarify the basic structure of the brain. The observation results of 12 or 30 day-old noctuid moths showed that their brains are basically composed of an outer and an inner portion-neural lamella (about 2.5 μm) of collagen fibril and perineurium cells. Furthermore, nerve cells surround the cerebral lobes, in which NSCs, mushroom bodies, and central nerve cells, etc. are observed. The NSCs are large-sized (20 to 30 μm dia.) cells, which are located in the pons intercerebralis of the head section and at the rear of the mushroom body (two each on the right and left). Furthermore, the cells were classified into two types: one having many free ribosoms 15 to 20 nm in dia. and the other having granules 150 to 350 nm in dia. (Fig. 1).

ON CONSTRUCT OF THE RIGHT OF PRE-EMPTION IN RESPECT OF PARTICIPATORY INTEREST (SHARES)

2020 ◽  
Vol 20 (4) ◽  
pp. 94-219
Author(s):  
I.S. CHUPRUNOV
Keyword(s):  
General Rule ◽  
Constitutive Theory ◽  
Freedom Of Contract ◽  
Legal Nature ◽  
Public Corporation ◽  
Russian Law ◽  
Right Of First Refusal ◽  
The Right

The paper provides analysis of the legal nature and the mechanism for exercise of the right of pre-emption (right of first refusal) in respect of execution of a contract taking as an example of right of first refusal to purchase a stake in a non-public corporation, and also examines the boundaries of parties’ autonomy and freedom of contract in this area. The author comes to the conclusion that the key elements of the construction of the right of pre-emption are the transformation powers that belong to the right holder. The author also demonstrates that, notwithstanding their dominance in Russian law, the views, which suggest that exercise of the right of pre-emption leads to “transfer of rights and obligations of a purchaser” (the translative theory), should be rejected. These views must be replaced with the constitutive theory, according to which exercise of the right of pre-emption results in a new contract between the right holder and the seller (as a general rule, on the same terms that were agreed between the seller and the purchaser).

Der Spielraum bei der Vermarktung von Waldleistungen ist eingeschränkt (Essay) | The scope for the commercialization of forest services is limited (essay)

2009 ◽  
Vol 160 (8) ◽  
pp. 228-231
Author(s):  
Hansruedi Walther
Keyword(s):  
Private Property ◽  
Legal Framework ◽  
Third Parties ◽  
Wood Products ◽  
Forest Owner ◽  
Free Access ◽  
School Class ◽  
Market Niche ◽  
The Right ◽  
Exclusive Right

A forest owner can only commercialize non-wood products and services within a tightly restricted market niche. On account of free access being permitted to the forest it is impossible to deny to third parties the consumption of many non-wood products and services: everybody has the right to be in the forest for recreation. As a result many non-wood services cannot be commercialized by the forest owner, or not exclusively. What would seem unthinkable elsewhere on private property seems to be taken for granted in the forest: third parties may take products from the forest and even sell them without being the forest owners. For certain nonwood services or products, such as the installation of rope parks or for burial in the forest, the organizer must conclude an agreement with the forest owner or draw up a contract for servitude or benefit. In addition, for these activities a permit from the Forestry Department is necessary. On the other hand, for an itinerant school class or for the production of forest honey neither a binding regulation with the forest owner nor a permit from the Forestry service is necessary, provided that no constructions are erected in the forest. The only exclusive right which remains to the forest owner, besides the sale of his property, is the exploitation of his trees within the legal framework.

Compensation for Infringement of Copyright and Related Rights: Essence and Primary Functions

2020 ◽  
Vol 5 ◽  
pp. 34-40
Author(s):  
N. V. Buzova ◽  
◽  
R. L. Lukyanov ◽  
Keyword(s):  
Russian Federation ◽  
Research Method ◽  
Comparative Law ◽  
Civil Code ◽  
Judicial Practice ◽  
Legal Remedy ◽  
Legal Nature ◽  
The Russian Federation ◽  
Judicial Protection ◽  
Exclusive Right

The Civil Code of the Russian Federation provides an opportunity to the rightholder in case of infringement of his exclusive copyright and related rights to demand in court instead of compensation for damages incurred by him to pay compensation. In most cases, when the rightholder applies for judicial protection of his violated rights, he requires the recovery of compensation. This article discusses the legal nature of compensation as a legal remedy of an exclusive right and its primary functions. When writing an article, a comparative law research method is used. As a result of the analysis of russian and foreign legislation, as well as judicial practice, it was found that compensation, in addition to restorative, also has a preventive function and can be considered an analogue of statutory damages.

The Future Ain’t What It Used to Be

2018 ◽  
Author(s):  
Ashoka Mody
Keyword(s):  
Financial Markets ◽  
Social Problems ◽  
Financial Integration ◽  
Fiscal Rules ◽  
Fiscal Discipline ◽  
European Project ◽  
The Future ◽  
The Right

This chapter describes two scenarios, the two possible ways in which the final act of the European project plays out. In the first scenario, European authorities remain confident that they have essentially been on the right track and they continue to make modest course corrections, which they believe will ensure a brighter European future. However, the elusive and frustrating pursuit of deeper economic and financial integration causes more economic and political damage. Setbacks and crises recur to test the euro and its accompanying political vision. In the second scenario, the pro-European vision, European authorities recognize the important truth that “more Europe” will not solve Europe's most pressing economic and social problems. They dismantle the economically counterproductive and politically corrosive system of fiscal rules and rely more on financial markets to enforce fiscal discipline. Paradoxically, the euro survives, not because it adds value but because it becomes largely irrelevant.

scholarly journals Determination of the order of fractional derivative for subdiffusion equations

2020 ◽  
Vol 23 (6) ◽  
pp. 1647-1662
Author(s):  
Ravshan Ashurov ◽  
Sabir Umarov
Keyword(s):  
Fractional Derivative ◽  
Fixed Time ◽  
Time Instant ◽  
Observation Data ◽  
Additional Information ◽  
Fractional Modeling ◽  
Time Fractional Derivative ◽  
The Right ◽  
Right Order

Abstract The identification of the right order of the equation in applied fractional modeling plays an important role. In this paper we consider an inverse problem for determining the order of time fractional derivative in a subdiffusion equation with an arbitrary second order elliptic differential operator. We prove that the additional information about the solution at a fixed time instant at a monitoring location, as “the observation data”, identifies uniquely the order of the fractional derivative.

A Note Concerning the Dynamics of Government Bond Yields

2021 ◽  
pp. 056943452098827
Author(s):  
Tanweer Akram
Keyword(s):  
Interest Rate ◽  
Financial Markets ◽  
Yield Curve ◽  
Empirical Studies ◽  
State Theory ◽  
Government Bond ◽  
Bond Yields ◽  
Short Term ◽  
Government Bonds

Keynes argued that the central bank can influence the long-term interest rate on government bonds and the shape of the yield curve mainly through the short-term interest rate. Several recent empirical studies that examine the dynamics of government bond yields not only substantiate Keynes’s view that the long-term interest rate responds markedly to the short-term interest rate but also have relevance for macroeconomic theory and policy. This article relates Keynes’s discussions of money, the state theory of money, financial markets, investors’ expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Investors’ psychology, herding behavior in financial markets, and uncertainty about the future reinforce the effects of the short-term interest rate and the central bank’s monetary policy actions on the long-term interest rate. JEL classifications: E12; E40; E43; E50; E58; E60; F30; G10; G12; H62; H63

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