Potenciar la bancarrota financiera

CAMBRIDGE – Recientemente, cuatro de los reguladores financieros más importantes –el Banco de Inglaterra, la Autoridad Federal de Supervisión Financiera (BaFin) de Alemania, la Corporación Federal de Seguros de Depósitos (FDIC) de EE. UU. y la Autoridad Suiza de Supervisión de Mercados Financieros– solicitaron al sector mundial de los derivados que cambie su forma de trabajo. La cuestión ahora es si los reguladores pueden lograrlo con un pedido en vez de con algo más sustancial. No será fácil.

La lacónica carta de los reguladores a la Asociación Internacional de Swaps y Derivados (ISDA) le solicita que renuncie a un componente central de los esfuerzos del sector durante décadas para librarse de la bancarrota de los deudores financieros: una exención que no solo empeora la estabilidad de los deudores, sino también la de la economía mundial. Muchos observadores creen que esas exenciones golpearon de manera especialmente fuerte al mundo financiero cuando Lehman Brothers colapsó en 2008.

Los reguladores se centran en una característica importante de los contratos de derivados que permite al sector cerrar abruptamente sus operaciones con una entidad en problemas financieros, imposibilitando así su recuperación. Otros acreedores habitualmente no pueden eso; en proceso de quiebra en EE. UU., por ejemplo, primero deben esperar que un tribunal decida si la empresa deudora puede ser reestructurada. Solo entonces pueden cobrar sus deudas.

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