Contractual Framework for Cleared Derivatives: The Master Netting Agreement between a Clearing Customer Bank and a Central Counterparty

October 2014
Pratt’s Journal of Bankruptcy Law
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In this article, the authors discuss the legal characterization of derivatives contracts that are centrally cleared under U.S. laws. The focus is on the treatment of both exchange-traded and centrally cleared over-the-counter derivatives of a bank that is not a clearing member of a central counterparty.