التنظيم القانوني لعقد المبادلة في سوق الأوراق المالية

Legal regulation of the swap contract in the stock exchange ( A Comparative Study)

The swap contract is one of the financial instruments that has witnessed a boom and its markets have expanded clearly during the past two decades, as it aims to cover risks in the stock market, and the swap contract is one of the financial derivative contracts represented in futures contracts, options contracts and futures contracts. It is an agreement between two parties to conclude A contract executed by an intermediary representing each party to be executed on a specific date in exchange for a fee, provided that the situation returns to what it was before the contract.
This contract is characterized by certain features, both public and private, the general features are that it is a consensual contract and a binding contract for both sides and lastly of the netting contracts. As for the special features, it is a security, a time contract, a contingency contract and finally a model contract.
The swap contract is not one type, it is of types such as the interest rate swap contract, the currency swap contract, the stock swap contract, and the option swap contract. The first of the two types is the most well-known type, and the swap contract differs from the rest of the types of financial derivative contracts in aspects and is similar in others.
The jurisprudence also differs in the conditioning of the exchange contract, some of them tried to adapt it as an insurance contract, while some tried to adapt it as a gambling and betting contract, but the conditioning that we reached to it is that it is an independent contract. .
Also, the conclusion of the swap contract requires three pillars, which are consent, which must be verified that consent is present, valid, and the parties to the contract, as for the place, it differs from one type to another; Because the swap contract is not of one type, as for the reason, it is hedging and speculating on price differences, and that the law requires that it be legitimate and present at the same time, otherwise the contract is void.
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In addition to these elements, the conditions that are indispensable for the swap contract must be fulfilled without them, some of which relate to both parties to the swap contract, while others relate to the mediator.
And that the swap contract is like any other contract that arranges obligations on both sides, some of which are obligations on the parties, including the commitment to commission and the obligation to disclose, and the parties also have to provide legal guarantees in addition to the collateral agreement.
The breach of the exchange contract will result in liability falling on the offender, which results in compensation as a penalty for breaching the obligations imposed on him.
The swap contract ends with natural and unnatural termination methods. As for the first, it is either with the end of the contract and this is the natural way for all contracts, and either it is through settlement through clearing, and there may be an impossibility in the implementation, then the contract ends, while the unnatural methods represent breach of contractual obligations. It is by bankruptcy of one of the contractors or through the merger of a company with another, which leads to the termination of the contract.