LEGAL CHARACTERISTICS OF SYSTEMS WITH SETTLEMENT FINALITY

Author

Chief Asst. Prof. Ivan Mangachev, PhD

Annotation

The systems withsettlement finality have been regulated in our legislation for a relatively short time (see the Law on PaymentServices and Payment Systems (LPSPS), the Act on on Restriction ofCash Payments (ARCP, etc.) The need for the existence of such systems and the legal logicgoverning their regulation are still insufficiently understood. The purpose of this paper is to explain the historical reasons and legal mechanisms which stand behind the systems with settlement finality, as well as some of their characteristics and subjective features as a specific kind of transaction.

Keywords

settlement, systems with settlement finality, Law on Payment Services and Payment Systems, agreement for settlement finality, company contract, current account contract, endorsement contract, central counterparty, clearing house.

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