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Repurchase Agreement

Student: Sapunov Ilya

Supervisor: Anton Selivanovskiy

Faculty: Faculty of Law

Educational Programme: Jurisprudence (Bachelor)

Year of Graduation: 2016

The research analyses the modern Russian legislation and judicial practice on repurchase agreements (repos). The aim of research is the definition of repo's legal nature. The main objectives are: to formulate the concept of repurchase agreement, to distinguish from related contracts, and to find out the particularities of repo when one of the counterparties becomes insolvent (close-out netting provision). The main outcomes of research are follows: Repurchase agreement is a special form of purchase contract and sale of securities. It is distinguished from loan secured by pledge because in a pledge there is no transfer of ownership. Moreover, this transfer of ownership is not a way to circumvent rules that regulate pledge but peculiar legal institute. Also, the self-regulation is very important for repurchase agreements. Adherense to these standards allows counterparties to enforce close-out netting provision. Considering repo in insolvency, we assume that close-out netting is a very necessary instrument that transforms all of the counerparties' obligations in one net obligation. If this institute helps to keep finance system stable, it is considerable to apply close-out netting provision automatically.

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