Le distorsioni strutturali dei CDS e il rischio di controparte. Ripercussioni sulla stabilità dei mercati e spunti per una revisione della normativa

The 2008 financial crisis has brought out clearly the importance that the counterparty risk can take inside of derivatives over-the-counter (OTC). Since then, regulators have focused their efforts to develop a new regulatory framework, capable of limiting the risks associated with these instruments and to enhance the soundness and stability of the financial system. In this paper, after describing the operation of CDS and having made an attempt to framing of this tool in our legal system, we will examine the close link between the sovereign bond market and that of CDSs, as revealed in the recent Eurozone crisis. The purpose of this article is to understand the extent to which the new regulatory measures, such as the Dodd-Frank Act in the US and EMIR in Europe, contributed to the reduction of the fluctuations, strengthened the theoretical relationship between premiums of CDSs and spreads of the underlying securities, mitigated counterparty risk.