Paul Lachine

Los enemigos útiles del mercado de derivados

CHICAGO – El lanzamiento en Europa de dos investigaciones antimonopolio en el mercado de permutas de riesgo crediticio (CDS, por su sigla en inglés) podría parecer simplemente una vendetta política contra uno de los supuestos culpables de la crisis de deuda soberana europea de 2010. La percepción negativa que la mayoría de la gente (especialmente en Europa) tiene de las CDS en efecto tuvo que ver en esto. Después de todo, los extranjeros y las compañías políticamente débiles suelen ser los blancos favoritos cuando se quiere hacer cumplir la ley.

Consideremos, por ejemplo, que el primer caso de negociaciones en base a información confidencial que fue a juicio en Rusia después de la caída del comunismo fue contra una empresa norteamericana. De la misma manera, las autoridades antimonopolio de la Unión Europea han sido más duras con Microsoft que con muchas empresas europeas.

Dicho esto, la existencia de motivaciones políticas no socava la legitimidad de las nuevas investigaciones de la UE, que serán llevadas a cabo de forma paralela a una investigación en curso por parte del Departamento de Justicia de Estados Unidos de prácticas anticompetitivas en la operación, liquidación y cotización de CDS en Estados Unidos. De hecho, el sesgo ideológico de los europeos contra las CDS podría resultar favorable a largo plazo para el desarrollo de un mejor mercado para las CDS, y para los derivados en general.

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