Counterparty Substitution in Central Counterparty (CCP) Systems

Christian Chamorro-Courtland

Research output: Contribution to journalArticleResearchpeer-review


Academics and commentators have written about the various legal issues regarding the operations of Central Counterparty (CCP) systems. However, there remains a gap in the literature over the precise nature of the counterparty substitution process from a legal perspective. This article's focus is to address and clarify that issue in order to provide legal certainty in this area. It proposes to describe, from a legal perspective, the counterparty substitution mechanism between the clearing members and the CCP system through the contractual processes of multilateral novation netting and open offer.
Original languageEnglish
Pages (from-to)517-538
JournalBanking and Finance Law Review
Issue number3
Publication statusPublished - Jun 2011
Externally publishedYes


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