La giurisprudenza italiana in materia di derivati. Un'analisi interdisciplinare

As a result of significant interest rate fluctuations, in the last decade Italian courts have dealt with several issues raised by the frequent use of over-the-counter derivatives by firms and local authorities. In recent times, a decision en banc of the Court of Cassation has authoritatively endorsed some approaches adopted in lower courts’ case law. Considering that a suitable legal solution requires a precise understanding of the underlying economic phenomenon, this paper discusses in an interdisciplinary key both the issues and the answers offered by Italian courts about derivatives, critically evaluates the decision of the Court of Cassation, and suggests alternative solutions.