Los Derivados En El Concurso (Derivatives in Bankruptcy)
49 Pages Posted: 12 Nov 2013
Date Written: October 1, 2013
Abstract
Este trabajo investiga las implicaciones del régimen concursal especial dispensado a los derivados en el funcionamiento de los mercados financieros y en el procedimiento concursal. Y lo hace desde dos ópticas. La primera se pregunta sobre la idoneidad del régimen especial para corregir las ineficiencias de los mercados financieros ―particularmente el riesgo sistémico― y llama la atención respecto de los costes sociales que a su vez origina. La otra reflexión tiene que ver con la repercusión que ha tenido en España la comercialización de los swaps de tipo de interés en el desenlace de los concursos de pequeñas empresas no financieras. Se ha modificado la normativa originaria ―que era acorde con la del resto de los países de nuestro entorno― para “subsidiar” la colocación de IRS en el sector minorista a costa de los otros acreedores concursales. El resultado es un régimen singular, sin parangón en ningún otro ordenamiento.
This paper examines the special treatment of derivatives in bankruptcy and its implications in the performance of financial markets and insolvency proceedings. And it does so from two perspectives. The first one questions the ability of the special regime for derivatives to address inefficiencies in financial markets, notably systemic risk, and draws attention to some social costs which that regime, in turn, originates. The second one deals with a Spanish development: the impact that the sale of interest rate swaps (IRS) to non-financial counter-parties has had in small firms' bankruptcies. The original Spanish regime dealing with derivatives’ safe harbors in line with that in other developed economies has been amended twice in order to “subsidize” the placement of IRS in the retail market at the expense of other creditors in bankruptcy, essentially in response to less responsive views by Spanish Courts. The outcome of such a development is unprecedented in other jurisdictions and does not seem to be a happy one.
Note: Downloadable document is in Spanish.
Keywords: bankruptcy, derivatives, systemic risk, interest rate swaps
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