Srpski okvirni ugovor o reotkupu hartija od vrednosti (repo)

Abstract

Predmet ovog rada je tipski ugovor o reotkupu hartija od vrednosti koji bi trebalo da omogući sprovođenje repo poslova, a time i pozitivno utiče na poboljšanje likvidnosti i razvoj tržišta hartija od vrednosti. Iako je Okvirni ugovor donet pod okriljem Udruženja banaka Srbije u drugoj polovini 2014. godine, do sada nije obavljena niti jedna repo transakcija, van onih u kojima je NBS jedna od ugovornih strana, a koje predstavljaju glavne operacije u sprovođenju monetarne politike. U radu će se ukratko obraditi ekonomska suština i pravna priroda ovog instrumenta kao specifičnog finansijskog ugovora i osnovni elementi Okvirnog repo ugovora. Posebno će biti ukazano na postojeće nedoumice o izvršivosti ugovora i tretman prebijanja (tzv. close-out netiranja).

This Paper focuses on the framework agreement on repurchase of securities, which should enable the implementation of repo operations, and consequently enhance liquidity and securities market development. Although the Framework agreement was adopted under the auspices of the Association of Serbian Banks in the second half of 2014, repo transactions had not been initiated, other than those in which the NBS is one of the contracting parties, and which are the main monetary policy operations. This paper will briefly discuss the economic substance of the legal nature of this financial instrument, which is a specific financial contract and the basic elements of the Framework repurchase agreement. The existing uncertainty relating to the enforceability of contract and the treatment of the close-out netting will be addressed in particular.