Paul Lachine

I nemici-amici del mercato dei derivati

CHICAGO – Le due inchieste avviate dall’Antitrust europea sul mercato dei credit default swap (Cds, ossia derivati che assicurano sul rischio fallimento) potrebbero sembrare una vendetta politica nei confronti di uno dei presunti colpevoli della crisi del debito sovrano europeo scoppiata nel 2010. La percezione negativa che molti (soprattutto in Europa) hanno dei Cds ha certamente fatto la sua parte. Dopo tutto, gli stranieri e le società politicamente deboli sono spesso il bersaglio prediletto dell’autorità giudiziaria.

Basti pensare che il primo caso di insider trading perseguito in Russia dopo la caduta del comunismo fu contro un’azienda americana. In modo analogo, l’Antitrust dell’Unione europea è stata più dura con Microsoft che con molte aziende dei paesi membri.

Detto questo, l’esistenza di impulsi politici non insidia la legittimità delle nuove inchieste europee, che saranno condotte in concomitanza con l’indagine del Dipartimento di giustizia americano sulle pratiche che negli Usa minano la libera concorrenza nel trading, clearing e pricing dei Cds. I pregiudizi ideologici degli europei sui Cds potrebbero rivelarsi utili nel tempo per sviluppare un mercato migliore per i Cds in particolare e per i derivati in generale.

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