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Futuros sobre acciones: demanda e implicaciones sobre los mercados de renta variable

Author

Listed:
  • Jose Ramón Martínez Resano

    (Banco de España)

  • Liliana Toledo Falcón

    (Banco de España)

Abstract

Este trabajo estudia los futuros sobre acciones desde una perspectiva centrada en las implicaciones que cabe esperar de su introducción sobre la organización de los mercados de renta variable. El contexto que motiva este estudio lo conforman la “revolución” que ha rodeado en Estados Unidos a la autorización para lanzar futuros sobre acciones y el éxito que este producto ha cosechado en el mercado español MEFF. En el trabajo se procede a un examen detenido de los rasgos definitorios del producto, de entre los que destacan, por comparación con el contado, su apalancamiento implícito, la liquidación a plazo y la separación entre la exposición a los rendimientos económicos y la asunción de derechos políticos. El examen del éxito de la versión española del producto revela que buena parte de su atractivo ha descansado, sin embargo, en la existencia de una demanda forzada por restricciones de inversión vinculantes para ciertos inversores. Los futuros sobre acciones han permitido eludirlas. No obstante, también se argumenta que la introducción de futuros sobre acciones constituye un hecho con un impacto potencial notable sobre los mercados de renta variable, especialmente en Estados Unidos. En este país, el mandato de autorización de futuros sobre acciones por parte del Congreso constituye una medida que superpone los ámbitos regulatorios de la SEC y la CFTC y, en consecuencia, se interpreta como un paso en la normalización del confuso marco de la industria de valores norteamericana.

Suggested Citation

  • Jose Ramón Martínez Resano & Liliana Toledo Falcón, 2002. "Futuros sobre acciones: demanda e implicaciones sobre los mercados de renta variable," Working Papers 0218, Banco de España.
  • Handle: RePEc:bde:wpaper:0218
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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/02/Fic/dt0218.pdf
    File Function: First Spanish version, July 2002
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    References listed on IDEAS

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