I Contratti derivati sottoscritti dagli Enti territoriali

The following reserch concerns with analysis and study of civil law’s problems connected to derivative tradings stipulated by public Authorities and as local Bodies. These Authorities used to stipulate interest rate swap contracts, with the intent to cover public debt piled up by the Authorities themselves with bond issues and loans of money. During last years the operators, the legal science and also the regulatory bodies and even mass media, always paid a greater attention to such transactions, and tried especially to underline most of all the pathological and negative aspects in such transactions, surely because they brought to authorities great capital losses. Legal science always stigmatized derivative transactions, and considered them as the beginnig of a new “financial scandal”. We can consider such climate of opinion, at least in part, as justified, specially if we think about the most recent cases of insolvency wich involved some great Corporations, connected to high risk instruments put on the capital market by those issuers and to legal actions performed by investors, which suffered capital losses in consequence of such events. Actually, it’s difficult to avoid doubts about derivative transactions’suitability for Authorities, especially if we consider their disastrous economic results, but such doubts must be connected with the wrong and distorted use of derivatives transactions, not only with the nature or the features of such contracts, or with the endemic distrust in financial operators and banks.