On the concept of uncertificated securities

The article is devoted to the problem of defining a derivative financial instrument (derivative) as a legal category. The author identifies the main qualifying characteristics of the generic concept of financial instrument and its variety - a derivative. For this purpose the article analyzes the norms of modern Russian and European law regulating the securities market and reviews examples of Russian judicial practice. The article is devoted to the institute of uncertificated securities. The author compares the traditional concept of securities with recent changes in the Civil Code. The article discusses doctrinal prerequisites for the emergence of this legal institution.