I DERIVATI over the COUNTER TRA DIRITTO DEI PRIVATI E TEORIA ECOLOGICA DEL CONTRATTO. PREMESSE PER UNO STUDIO

The article aims at establishing some premises for a critical study of over the counter derivatives. By building on Italian and North American debates, the discussion of the legal regime of such financial products leads to highlight how and to what extent general theory of contract has been involved in their dissemination. In this respect, over the counter derivatives eventually are a contemporary instance of “private ordering”. However, their supposedly complete legal and economic insulation is an illusion. If one adopts an ecological view of contract and takes into account systemic risk, it becomes worth assuming a remedial approach capable of challenging the enforceability of these financial products.