Der europäische Rechtsrahmen für Close-Out-Netting-Vereinbarungen

Close-out netting is a key risk management technique for financial market players whose privileged status under insolvency law, the markets for over-the-counter derivatives and securities financing transactions would not be possible in their current form. Over time, the European legislator has issued a widely scattered number of provisions relevant to legal certainty when employing close-out netting. However, this selective legislation leads to a degree of complexity, which is very difficult to manage. This study examines the interplay between the various legal acts and shows how contradictions may be resolved and where there is potential for reform.