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Сделка на разницу в дореволюционной России: взгляд с точки зрения современного рынка деривативов
The article examines the legal category of contract for difference, which at one time gave rise to a discussion among civilists and commercialists. Conract for difference were widespread on the stock exchanges of major trading cities of the Russian Empire. According to contemporaries, these operations attracted a huge number of participants and, consequently, the close attention of researchers. The purpose of the article is to find an analogue of contract for difference in the derivatives market these days, which could correspond as much as possible to the historical contractual structure. Among the methods used in the study, there are formal legal and historical methods, as well as the statistical method of analysis. To achieve this goal, the author provides a description of pre-revolutionary contracts for difference, based on the works of famous civilists and commercialists of that era (A. H. Golmsten, K. I. Malyshev, D. I. Meyer, G. F. Shershenevich, P. P. Cytovich); most scientists had a negative attitude towards contract for difference. The general characteristics of the futures market formed in the modern economy are also presented. It is in this market that derivative financial instruments such as forwards and futures are traded, which a number of modern civilists identify with contract for difference. Since the financial industry today differs in many ways from the stock trading of securities and commodities of the XIX century, overcoming the differences between derivative financial instruments and contract for difference is not a trivial task. The author comes to the conclusion that the most accurate analogy of contract for difference is an over-the-counter “settlement forward” transaction, despite the fact that contract for difference were of an exchange nature.