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2014 R.R.D.A. 97 (2014)
Derivatives

handle is hein.journals/ririinesana2014 and id is 1657 raw text is: Derivativele Dr. Sebastian BODU, MBA Academia de Studii Economice ABSTRACT This articile makes a general presentation of the derivatives, forward, futures and options, their legal nature and the trading procedures. These instruments were intensivelly used before the 2008 recession to finance different areas. Despite that their role is significantelly reduced, they are still not just a theoretical model but also a oractical one to use instruments were the principal actors of the financial market meet: issuers, brokers and credit rating agencies. R EZUMAT Prezentul articol face o prezentare generic6 a contractelor cu livrare amAnat6, forward, futures si option, a naturii [or juridice si a modului de tranzactionare. Acestea au fost utilizate intens anterior crizei din 2008 pentru a finanta diverse sectoare. Desi in prezent rolul [or s-a redus simtitor, ele r~mAn un model nu doar teoretic ci si practic de utilizare a unor instrumente in care isi dau intalnire principalii actori ai pietei financiare: emitentii, intermediarii si agentiile de rating. Legea nr. 24712004, art. 29, art. 157, art. 158, art. 169 1. Aspecte generale Legea nr. 247/2004 privind piata de capital reprezint6 sediul materiei pentru instrumentele financiare derivate, cunoscute in practic6 si sub denumirea de derivative sau contracte cu livrare amAnat6 de tip forward, futuresN si options. Denumirea de ,derivate sau ,derivative provine N In legislatia interbelict - Legea asupra burselor de comert din 1929 (denumitt si ,Legea Madgearu) operatiunile forward si futures erau denumite ,,operatiuni [a termen, vezi I. Popa, Bursa, Ed. AdevArul, Bucuresti, 1993-1994, vol. I, p. 279. A Odat6 cu adoptarea acquis-ului comunitara fost nevoie de unificarea legislatiei ce trata diferit instrumentele pietei de derivate si pietei de m~rfuri. Avtnd in vedere c6 definitia instrumentelor financiare din directivele europene nu includea m~rfurile ca atare ci doar instrumentele derivate avtnd ca suport m~rfuri, in Legea pietei de capital (care a inlocuit :ONTRACTE REVISTA ROMANA DE DREPT AL AFACERILOR NR. 11/20141

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