Treatment of securities and derivatives firms in bankruptcy
Part I of this article summarizes the main basic concepts of trading in derivatives and explains the provisions of the Bankruptcy Code (Financial Market provisions), where this type of transactions and securities transactions may get special treatment. The following table summarizes the basic structure of the financial market in detail the provisions of Part I.Follow additional indications in the table on the master netting agreements, arrangements have been inserted for in the Customs Code by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Master agreements have not been specifically in Part I as a separate category of “protection contracts” 1
because the provisions under these agreements largely complete protection mechanisms in regard to the five types of protected areas. The provisions relating to the main novation agreements (as well as other changes made by BAPCPA) is now clear that participants in the financial market in financial market supervision and arrangements ( “protected”) may come from the proximity and on the road or “net” claim against the debtor that are not only within or inside of certain types of contractual protection, but also on two or more types of contracts. So, is a subsidiary of a can say that it against the debtor under a futures contract against an amount, it must debtor under a swap arrangement. The main innovation provisions, however, does not apply when the protection of participants, for the first time the right to protection measures offered in protecting individual territories for the close-out netting or another is sought .
As described in Part I of this article, s.546 several sub-sections of the Code of the capacity of a trustee or debtor-in-possession (DIP) to avoid a transfer of ownership, a margin Regulation or other similar payments (a “protected payment”), or a service protected participant.2 Regarding transactions of securities, s.546 (E) was designated by the term “broker defence “3 by referring to the fact that the conduct of investment operations are often treated by and by one or several participants who stockbroker. The scope of this defence, but was the subject of many disputes and contradictory opinions between the courts.
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