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2010

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Christian Chamorro-Courtland

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Central Counterparties (Ccp) And The New Transnational Lex Mercatoria, Christian Chamorro-Courtland Nov 2010

Central Counterparties (Ccp) And The New Transnational Lex Mercatoria, Christian Chamorro-Courtland

Christian Chamorro-Courtland

This article argues that the new transnational lex mercatoria is the main source of law governing the operations of Central Counterparty (CCP) clearing systems. It demonstrates that the new transnational lex mercatoria has been recognized by the courts in various common law jurisdictions as the appropriate source of law governing the operations various other commercial and financial institutions. It is argued that this new legal regime requires official recognition by the courts in order to protect CCP arrangements from burdensome corporate insolvency laws; especially for the protection of non-financial market CCPs, which are currently not protected by special legislation like ...