Derivati e usura: brevi riflessioni tecniche


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.


  • 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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