Instrument financier dérivé et gestion du risque

Mohamed El Medhi Benseghir

in Economics Thesis from University Paris Dauphine from Paris Dauphine University

Abstract: From 1970s, the questioning of the monetary system of the fixed parities causes the appearance of new risks on markets, and leads financial players to look for new techniques to master the effects: the first derivative financial instruments arise from this will. However, at the time of recognizing legally these instruments, the legislator as for him plans no precise qualification and no definition and adopts the little decisive technique of the enumeration. What leads to predict that derivatives cannot base a unitarian legal notion but constitute simply the addition of heterogeneous financial models. From then on, the research for the legal nature of derivative owes demonstrate its specificity as instrument of transfer of the full financial risk and to characterize it with regard to the other families of named contracts. Besides, if the derivative operates a transfer of risk, it turns out itself generator of a specific risk, at the same time for the parties which conclude it and for thirds in connection with the latter: by its intrinsic attributes, it is fundamentally carrying risk to the whole financial system. The necessity of recognizing this risk and of controlling it closely settles then in compelling objective.

Keywords: Instrument financier dérivé; Qualification juridique; Transfert de risque; Notion de dérivé; Risque systémique; Risque individuel; Contrôle du risque; Derivative financial instrument; Legal qualification; Risk transfer; Notion of derivative; Systemic risk; Individual risk; Risk control (search for similar items in EconPapers)
JEL-codes: G1 K13 (search for similar items in EconPapers)
Date: 2014 Written 2014
Note: dissertation
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