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2015 | nr 3, t. 3 Rynek kapitałowy | 27-40
Tytuł artykułu

Central Counterparties from the Islamic Finance' Perspective

Autorzy
Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The paper focuses on central counterparties (CCPs) becoming the buyer to every seller and the seller to every buyer and thereby ensuring the performance of open contracts. The role of CCPs increased considerably after outbreak of the crisis in 2008. In 2012 BIS and IOSCO published the Principles for financial market (post-trade) infrastructures. The aim of the paper is to find out whether, and if yes - to what extent, the mentioned principles have to be modified when applied to CCP serving Islamic financial institutions. It seems that all principles are appropriate for Islamic finance, however some of them should be modified in order to be Shariacompliant. Moreover, in some cases the modification might also be dificult due to lack of standardized instruments. (original abstract)
Twórcy
  • Uniwersytet Ekonomiczny we Wrocławiu
Bibliografia
  • Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures.
  • Detailed Assessment of Observance. IMF, The World Bank, February 2013.
  • Guiding principles of risk management for institutions (other than insurance institutions) offering only Islamic financial services, IFSB, Kuala Lumpur 2005.
  • Hills B., Rule D., Parkinson S., Young Ch., Central counterparty clearing houses and financial stability, "Financial Stability Review", June 1999.
  • Iqbal I., Kunhibava S., Dusuki A. W., Application of Options in Islamic Finance, ISRA Research Paper 2012, No. 46.
  • Koster P., Implications of International Regulatory Change for Islamic Finance, IFSB 3 rd public lecture on financial policy and stability, Kuala Lumpur 2009.
  • Lin L., Surti J., Capital Requirements for Over-the-Counter Derivatives Central Counterparties, IMF Working Paper WP/13/3, January 2013.
  • Meeting New Challenges to Stability and Building a Safer System, Global Financial Stability Report, International Monetary Fund, Washington 2010, April.
  • OTC Derivatives Market Reforms. Fifth Progress Report on Implementation. Financial Stability Board, 15 April 2013.
  • Principles for financial market infrastructures, Bank for International Settlements and International Organization of Securities Commissions, April 2012.
  • Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories.
  • Rehlon A., Nixon D., Central counterparties: what are they, why do they matter and how does the Bank supervise them? Quarterly Bulletin 2013 Q2, Bank of England.
  • www.aaoifi.org
  • www.cooconnect.com
  • www.ids.thomasmurray.com
  • www.ifsb.org
  • www.iilm.com
  • www.investment-and-finance.net
  • www.islamicbanker.com www.opf.com.my
Typ dokumentu
Bibliografia
Identyfikator YADDA
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