Der europäische Rechtsrahmen für Close-Out-Netting-Vereinbarungen

Close-out netting is a central risk management technique for financial market participants, without which the insolvency law privileges, the markets for over-the-counter derivatives and securities financing transactions in their current form would be inconceivable. Over time, the European legislator has enacted a multitude of regulations relevant to the legally secure design of close-out netting. However, this piecemeal legislation leads to a complexity that is hardly manageable. Therefore, the work examines the interplay of the various regulatory complexes and demonstrates how normative contradictions can be resolved and where there is potential for reform.