The aim in this article is to compare effect of financial collateral arrangements under Directive 2002/47 EC. The starting point is the definitions of these contracts provided by the Financial Collateral Directive. The financial collateral arrangements have their historical roots in Roman law. Their effect introduces new legal framework in EU secured transaction legislation. For appropriate understanding of their legal nature a comparative examination between two secured transactions is needed. The conclusions of the article summarize the ideas which may useful in future amendments of the Directive 2002/47 EC.