Costi impliciti e profilo rischio-convenienza di prodotti finanziari illiquidi

In the last years there has been a large diffusion of financial contracts within retail costumers and some sectors of the economic and institutional world. CONSOB, the Italian supervisory authority, in a document of 2009 (CONSOB, 2009), asserts that such contracts are often constructed through "financial products that are not traded in markets characterized by suitable levels of liquidity and transparency" and that "the financial intermediation suffers of informational asymmetry. [...] Complexity, costs of information and degree of financial culture cause an informational deficit to the customers of the intermediaries." The complexity of such products requires, to make informed choices, "financial knowledge and experience much higher than those of the average retail customer". For these reasons CONSOB provides with recommendations to intermediaries for the declination of correctness and transparency in distributing such products. The aim of this work is to apply CONSOB recommendations and to suggest a framework for informational systems and notes, to be produced by the intermediary, to allow customers to evaluate adequacy and pertinence of the transaction and the applied economical conditions, in order to make choices according to their economical and financial needs and to their risk profile. The crucial points the paper faces are the estimate and the disclosure of the costs of the transaction and the risk-benefit profile of the position. The informational systems proposed are illustrated through an example of an Interest Rate Swap, which is the type of contracts we mainly focus on.