i Table of contents 130

Derivatives 2025

Definitive global law guides offering comparative analysis from top-ranked lawyers

INTRODUCTION		5
Contributed by Carl Kennedy, Daniel Davis, Stephen Morris, Matthew Kluchenek, Alexander Kim and Nicholas Gervasi, Katten Muchin Rosenman LLP		5
CHINA		12
Law and Practice		12
Contributed by Han Kun Law Offices		12
Trends and Developments		28
Contributed by DeHeng Law Offices		28
JAPAN		36
Law and Practice		36
Contributed by Anderson Mōri & Tomotsune		36
Trends and Developments		51
Contributed by Anderson Mōri & Tomotsune		51
NIGERIA		55
Law and Practice		55
Contributed by G Elias		55
SPAIN		67
Law and Practice		67
Contributed by Cases & Lacambra		67
SWITZERLAND		81
Law and Practice		81
Contributed by Schellenberg Wittmer Ltd		81
Trends and Developments		96
Contributed by Baker McKenzie Switzerland		96
UK		101
Law and Practice		101
Contributed by Katten Muchin Rosenman UK LLP (Katten)		101
Trends and Developments		116
Contributed by Katten Muchin Rosenman UK LLP (Katten)		116
USA		121
Trends and Developments		121
Contributed by ASKramer Law		121
1. General		15
1.1 Overview of Derivatives Markets		15
1.2 Historical Trends and Looking Forwards		16
2. Types of Derivatives		17
2.1 Futures and Options		17
2.2 Swaps and Security-Based Swaps		18
2.3 Forwards		20
2.4 Listed v Over-the-Counter		21
2.5 Asset Classes		21
2.6 Exemptions, Non-Derivative Products and Spot Transactions		21
3. Regulation of Derivatives		22
3.1 National		22
3.2 Local		24
3.3 Self-Regulatory Organisations, Independent Authorities, and Exchanges		24
4. Documentation Issues		25
4.1 Trading Documentation		25
4.2 Clearing Documentation		26
4.3 Opinions and Other Documentation Issues		27
5. Enforcement Trends		27
5.1 Regulator Priorities and Enforcement Trends		27
1. General		38
1.1 Overview of Derivatives Markets		38
1.2 Historical Trends and Looking Forwards		38
2. Types of Derivatives		39
2.1 Futures and Options		39
2.2 Swaps and Security-Based Swaps		40
2.3 Forwards		40
2.4 Listed v Over-the-Counter		40
2.5 Asset Classes		41
2.6 Exemptions, Non-Derivative Products and Spot Transactions		42
3. Regulation of Derivatives		44
3.1 National		44
3.2 Local		48
3.3 Self-Regulatory Organisations, Independent Authorities, and Exchanges		48
4. Documentation Issues		49
4.1 Trading Documentation		49
4.2 Clearing Documentation		50
4.3 Opinions and Other Documentation Issues		50
5. Enforcement Trends		50
5.1 Regulator Priorities and Enforcement Trends		50
1. General		57
1.1 Overview of Derivatives Markets		57
1.2 Historical Trends and Looking Forwards		58
2. Types of Derivatives		59
2.1 Futures and Options		59
2.2 Swaps and Security-Based Swaps		59
2.3 Forwards		60
2.4 Listed v Over-the-Counter		60
2.5 Asset Classes		61
2.6 Exemptions, Non-Derivative Products and Spot Transactions		61
3. Regulation of Derivatives		62
3.1 National		62
3.2 Local		64
3.3 Self-Regulatory Organisations, Independent Authorities, and Exchanges		64
4. Documentation Issues		65
4.1 Trading Documentation		65
4.2 Clearing Documentation		65
4.3 Opinions and Other Documentation Issues		66
5. Enforcement Trends		66
5.1 Regulator Priorities and Enforcement Trends		66
1. General		69
1.1 Overview of Derivatives Markets		69
1.2 Historical Trends and Looking Forwards		69
2. Types of Derivatives		70
2.1 Futures and Options		70
2.2 Swaps and Security-Based Swaps		70
2.3 Forwards		71
2.4 Listed v Over-the-Counter		71
2.5 Asset Classes		71
2.6 Exemptions, Non-Derivative Products and Spot Transactions		72
3. Regulation of Derivatives		73
3.1 National		73
3.2 Local		77
3.3 Self-Regulatory Organisations, Independent Authorities, and Exchanges		77
4. Documentation Issues		77
4.1 Trading Documentation		77
4.2 Clearing Documentation		79
4.3 Opinions and Other Documentation Issues		79
5. Enforcement Trends		79
5.1 Regulator Priorities and Enforcement Trends		79
1. General		83
1.1 Overview of Derivatives Markets		83
1.2 Historical Trends and Looking Forwards		85
2. Types of Derivatives		85
2.1 Futures and Options		85
2.2 Swaps and Security-Based Swaps		86
2.3 Forwards		86
2.4 Listed v Over-the-Counter		86
2.5 Asset Classes		88
2.6 Exemptions, Non-Derivative Products and Spot Transactions		88
3. Regulation of Derivatives		90
3.1 National		90
3.2 Local		93
3.3 Self-Regulatory Organisations, Independent Authorities, and Exchanges		93
4. Documentation Issues		93
4.1 Trading Documentation		93
4.2 Clearing Documentation		94
4.3 Opinions and Other Documentation Issues		95
5. Enforcement Trends		95
5.1 Regulator Priorities and Enforcement Trends		95
1. General		103
1.1 Overview of Derivatives Markets		103
1.2 Historical Trends and Looking Forwards		104
2. Types of Derivatives		104
2.1 Futures and Options		104
2.2 Swaps and Security-Based Swaps		105
2.3 Forwards		105
2.4 Listed v Over-the-Counter		105
2.5 Asset Classes		105
2.6 Exemptions, Non-Derivative Products and Spot Transactions		106
3. Regulation of Derivatives		106
3.1 National		106
3.2 Local		110
3.3 Self-Regulatory Organisations, Independent Authorities, and Exchanges		110
4. Documentation Issues		111
4.1 Trading Documentation		111
4.2 Clearing Documentation		113
4.3 Opinions and Other Documentation Issues		113
5. Enforcement Trends		114
5.1 Regulator Priorities and Enforcement Trends		114

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