O Contrato de Swap: Swap de divisas
Date
2017
Embargo
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Coadvisor
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Language
Portuguese
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Abstract
O objeto de estudo da nossa dissertação será o contrato de swap, mais
precisamente a sua modalidade de swap divisas. Optámos por estruturar a
nossa investigação em duas partes.
Na primeira parte, analisaremos o contrato de swap de forma geral,
onde nos dedicaremos a dar a conhecer a noção deste tipo contratual e o seu
respetivo enquadramento jurídico, efetuando uma breve alusão à sua evolução
histórica. Apesar de existirem inúmeras finalidades que podem ser
prosseguidas com a celebração deste contrato, abordaremos especificamente
as três mais recorrentes e comuns. Embora de forma sucinta, abordaremos as
modalidades mais relevantes do swap. Atenta a sua atipicidade, enunciaremos
o master agreement elaborado pela International Swaps and Derivatives
Association (ISDA) que surge como modelo contratual e confrontamos a sua
utilização com o regime jurídico das Cláusulas Contratuais Gerais.
Na segunda parte da dissertação, iremos centrar-nos no swap de
divisas em particular, descrevendo os seus subtipos, designadamente o swap
combinado de divisas e taxas de juro. Indicaremos as características do swap
de divisas, abordando em que consiste o risco cambial e quais as causas de
cessação deste contrato, onde a resolução por alteração das circunstâncias
assumirá especial destaque. Neste contexto, dedicaremos especial atenção a
algumas circunstâncias que podem levar à alteração da taxa de câmbios,
como os motivos de ordem económica e política. No que diz respeito aos
motivos de ordem política, consideramos digno de análise a influência dos
fenómenos Brexit e eleição Trump nos mercados cambiais.
The object of study of our dissertation will be the swap contract, more precisely its modality of currency swap. We have chosen to structure our research into two parts. In the first part, we will analyze the swap contract in general, where we will make known the notion of this contractual type and its respective legal framework, making a brief allusion to its historical evolution. Although there are many purposes that can be pursued with the conclusion of this contract, we will specifically address the three most recurrent and common. Briefly, however, we will cover the most relevant modalities of the swap. In view of its atypical nature, we will enclose the master agreement elaborated by the International Swaps and Derivatives Association (ISDA) that appears as a contractual model and we confront its use with the legal regime of the General Contractual Clauses. In the second part of the dissertation, we will focus on currency swap, in particular, describing its subtypes, namely the combined currency and interest rate swap. We will indicate the characteristics of currency swap, addressing the currency risk and what causes the termination of this agreement, where the resolution due to changing circumstances will take special emphasis. In this context, special attention will be given to certain circumstances which may lead to a change in the exchange rate, such as the economic and political motives. Regarding the political motives, we consider the influence of the Brexit and Trump election phenomena on exchange markets to be worthy of analysis.
The object of study of our dissertation will be the swap contract, more precisely its modality of currency swap. We have chosen to structure our research into two parts. In the first part, we will analyze the swap contract in general, where we will make known the notion of this contractual type and its respective legal framework, making a brief allusion to its historical evolution. Although there are many purposes that can be pursued with the conclusion of this contract, we will specifically address the three most recurrent and common. Briefly, however, we will cover the most relevant modalities of the swap. In view of its atypical nature, we will enclose the master agreement elaborated by the International Swaps and Derivatives Association (ISDA) that appears as a contractual model and we confront its use with the legal regime of the General Contractual Clauses. In the second part of the dissertation, we will focus on currency swap, in particular, describing its subtypes, namely the combined currency and interest rate swap. We will indicate the characteristics of currency swap, addressing the currency risk and what causes the termination of this agreement, where the resolution due to changing circumstances will take special emphasis. In this context, special attention will be given to certain circumstances which may lead to a change in the exchange rate, such as the economic and political motives. Regarding the political motives, we consider the influence of the Brexit and Trump election phenomena on exchange markets to be worthy of analysis.
Keywords
Swap, Divisas, Mercados, Risco Cambial, Brexit, Currency, Markets, Currency risk
Document Type
Master thesis
Publisher Version
Dataset
Citation
Ramos, S. P. F. (2017). O Contrato de Swap: Swap de divisas. (Dissertação de Mestrado), Universidade Portucalense, Portugal. Disponível no Repositório UPT, http://hdl.handle.net/11328/1933
Identifiers
TID
201726505
Designation
Dissertação de Mestrado em Direito - Especialização em Ciências Jurídico - Empresariais
Access Type
Open Access