مجید پیره

The decision of the specialized jurisprudence committee was announced on the subject of "replacing the basic assets in the futures contract and examining the jurisprudence dimensions of the request for the issuance of reinsurance bonds."

The decision of the specialized jurisprudence committee was announced on the subject of "replacing the basic assets in the futures contract and examining the jurisprudence dimensions of the request for the issuance of reinsurance bonds."

Tehran, January. 30 (SENA)-Majid Pireh, the secretary of the specialized jurisprudence committee, announced this news to the Securities  and Exchange News Agency (Sena): The basis in the futures contract " and "Study of the jurisprudence aspects of the application for the issuance of reinsurance bonds" was discussed.

He explained: The futures contract is one of the types of derivative contracts that after the approval of the specialized jurisprudence committee regarding its jurisprudence dimensions, its implementation stages in the capital market were completed. These contracts have been used to cover the risk of price fluctuations for some types of assets such as gold bars, coins of the full bodied gold coin and various agricultural products such as saffron.

Investigating the jurisprudence aspects of replacing the underlying asset in a futures contract with assets with similar characteristics and prices

Pireh pointed out: The point that has been raised for the plan in the specialized jurisprudence committee is to study the jurisprudence dimensions of replacing the basic asset in the future contract with assets with similar characteristics and prices. Explaining that the underlying asset in the futures contract has certain characteristics that are first specified between the parties.

He continued: "However, a person who is committed to selling that asset at the maturity of the contract, for reasons such as lack of goods in stock or the occurrence of certain issues will not be able to deliver it, and instead, the possibility of delivering goods with Have similar characteristics and prices; For example, if the property subject to the future contract of pistachio is with certain characteristics, in case of any problems, the seller is obliged to be able to deliver another pistachio with descriptions and prices close to the subject of the contract.

According to Pireh, in this regard, the following question was raised by the specialized jurisprudential committee, whether fulfilling the obligation related to the future contract by selling and delivering goods with specifications and prices close to the main goods subject to the future contract, is correct in terms of jurisprudential considerations?

The Secretary of the Jurisprudential Committee stated: The Jurisprudential Committee, after listening to the opinions of experts and discussions, concluded that the jurisprudential aspects of the structure of future contracts are specified in the previous resolutions of this committee and based on those approvals, in the future contract, the parties Committed to a transaction with certain characteristics at a specified time. Accordingly, in a futures contract, the sale is concluded at a specific time in the future, and at the beginning of the contract, an obligation is made to conclude the sale between the parties.

According to Piraeus, it is necessary for the parties to know the specifications of the assets subject to the contract at the time of concluding the future contract, and at the same time, if there is a possibility of not delivering the assets with the specified specifications, it is necessary for the parties to agree at the time of concluding the future contract. If it is not possible to deliver the goods with the specified specifications, to put another product of the same kind, which is similar to the main product in terms of characteristics and price, in terms of a certain adjustment coefficient, the subject of the contract of sale and the sale should be done on this similar product.

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