ADQUISICIÓN DE PRODUCTOS FINANCIEROS Y LOS RIESGOS DE ASIMETRÍA EN LA INFORMACIÓN.

Abstract

A good many financial disasters stem from set-ups designed for speculation through financial engineering. Often crises coincide with financial products of increasing complexity and opacity. It is a risky proposition, investment-wise, to push new legal and financial measures through to favour the development and reorganisation of business and banking structures; the most recent experience on that topic had to do with preferred shares, or subordinated debt. Any solution to the social and economic problems they have created has to be both political and legal. The correct political decision will also be a legal decision. Law is the rationalisation of political action, and it almost always refers to and affects economic matters. De lege ferenda, what is required is analysis of the patterns of conduct of the different market agents and the evolution of Spanish legislation, which reinforces contract conditions. Such analysis could forge a link between the financial system's special contribution to risk management and the process and development of contract law.