Derivati e usura: brevi riflessioni tecniche
Abstract
The Interest Rate Swap, actually the most common derivative financial
instrument, at least in its most elementary form (plain vanilla) and especially
if subscribed by qualified counterparties, must be considered as an easy to
understand financial instrument. With reference to the upfront payment, the classification of the
derivative transaction cannot be considered an implicit loan. That orientation
indeed cannot be univocally shared, also and above all, for the total lack of
directionality in the positions of doctrine and jurisprudence.In terms of bank usury, it should be added that there is currently no
legislative limit or "threshold rate” related to derivative contracts and
according to the mechanisms set out in art. 644 p.c. as well as in compliance with
Law 108/1996.
References
- GIRINO E., I contratti derivati, Giuffrè Editore, Milano, 2010.
- HULL J., Opzioni, Futures e altri derivati, Pearson, Prentice Hall, Upper Saddle River, 2012.
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